Relay Therapeutics (NASDAQ:RLAY) Trading Up 6.1% – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares shot up 6.1% during mid-day trading on Thursday . The stock traded as high as $3.01 and last traded at $3.04. 951,107 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 1,825,662 shares. The stock had previously closed at $2.86.

Wall Street Analysts Forecast Growth

Several research firms have commented on RLAY. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus dropped their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Leerink Partners reduced their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.80.

Relay Therapeutics Price Performance

The stock has a market capitalization of $461.10 million, a PE ratio of -1.04 and a beta of 1.65. The stock’s fifty day moving average is $3.84 and its 200-day moving average is $5.01.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.12. On average, analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 75,324 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the completion of the sale, the chief executive officer now directly owns 883,089 shares in the company, valued at approximately $3,267,429.30. The trade was a 7.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the transaction, the insider now directly owns 308,754 shares of the company’s stock, valued at $1,373,955.30. The trade was a 5.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 464,988 shares of company stock valued at $1,968,344. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Several large investors have recently made changes to their positions in RLAY. California State Teachers Retirement System lifted its holdings in Relay Therapeutics by 28.8% in the 4th quarter. California State Teachers Retirement System now owns 106,287 shares of the company’s stock valued at $438,000 after purchasing an additional 23,760 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Relay Therapeutics by 4.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 232,582 shares of the company’s stock worth $958,000 after buying an additional 9,293 shares in the last quarter. Squarepoint Ops LLC boosted its position in Relay Therapeutics by 535.9% during the fourth quarter. Squarepoint Ops LLC now owns 162,588 shares of the company’s stock worth $670,000 after acquiring an additional 137,020 shares during the last quarter. Twinbeech Capital LP purchased a new stake in Relay Therapeutics during the 4th quarter valued at about $42,000. Finally, Two Sigma Advisers LP grew its stake in Relay Therapeutics by 4.0% during the 4th quarter. Two Sigma Advisers LP now owns 638,900 shares of the company’s stock valued at $2,632,000 after acquiring an additional 24,700 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

About Relay Therapeutics

Relay Therapeutics, Inc operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company’s lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered solid tumors; RLY-2608, a lead mutant-PI3Ka inhibitor program that targets phosphoinostide 3 kinase alpha; and Migoprotafib (GDC-1971), an oral, small molecule, potent and selective inhibitor of the protein tyrosine phosphatase SHP2 that binds and stabilizes Src homology region 2 domain-containing phosphatase-2 (SHP2) as a monotherapy in patients with advanced or metastatic solid tumors.