Relay Therapeutics (NASDAQ:RLAY) Trading Up 6.8% – Should You Buy?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) were up 6.8% during mid-day trading on Wednesday . The company traded as high as $4.98 and last traded at $4.98. Approximately 777,631 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 3,200,997 shares. The stock had previously closed at $4.66.

Analyst Ratings Changes

A number of research firms have commented on RLAY. JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. HC Wainwright restated a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Finally, Leerink Partners reduced their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock Up 5.5 %

The firm has a market cap of $822.67 million, a PE ratio of -1.88 and a beta of 1.60. The firm’s 50 day moving average is $4.58 and its 200-day moving average is $6.22.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. The firm’s revenue was down 100.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.54) EPS. On average, analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the sale, the chief executive officer now directly owns 574,548 shares in the company, valued at $2,872,740. This represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 162,319 shares of company stock worth $781,067. 4.32% of the stock is owned by insiders.

Institutional Trading of Relay Therapeutics

A number of large investors have recently bought and sold shares of the business. Bellevue Group AG grew its holdings in Relay Therapeutics by 15.7% during the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after purchasing an additional 1,000,069 shares during the period. JPMorgan Chase & Co. raised its position in shares of Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares during the last quarter. State Street Corp raised its holdings in shares of Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after purchasing an additional 51,810 shares during the last quarter. Braidwell LP grew its position in shares of Relay Therapeutics by 16.4% during the 3rd quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock valued at $24,776,000 after acquiring an additional 492,628 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after acquiring an additional 367,473 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.