Stifel Nicolaus Has Lowered Expectations for Relay Therapeutics (NASDAQ:RLAY) Stock Price

Relay Therapeutics (NASDAQ:RLAY) had its price target dropped by analysts at Stifel Nicolaus from $27.00 to $23.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other brokerages also recently commented on RLAY. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Tuesday, January 14th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Leerink Partners lowered their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Relay Therapeutics Stock Down 4.7 %

NASDAQ:RLAY traded down $0.18 during mid-day trading on Thursday, reaching $3.58. 540,578 shares of the company were exchanged, compared to its average volume of 2,104,937. Relay Therapeutics has a 12 month low of $3.25 and a 12 month high of $10.72. The company has a fifty day moving average of $4.33 and a 200 day moving average of $5.56. The stock has a market cap of $598.39 million, a PE ratio of -1.37 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.12. On average, equities research analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 75,324 shares of Relay Therapeutics stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $3.70, for a total value of $278,698.80. Following the completion of the sale, the chief executive officer now owns 883,089 shares in the company, valued at $3,267,429.30. The trade was a 7.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Catinazzo sold 36,036 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total value of $166,846.68. Following the completion of the sale, the chief financial officer now owns 263,190 shares of the company’s stock, valued at approximately $1,218,569.70. This trade represents a 12.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 570,152 shares of company stock valued at $2,491,157 in the last three months. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Relay Therapeutics by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company’s stock worth $61,924,000 after acquiring an additional 566,595 shares during the last quarter. Tang Capital Management LLC lifted its holdings in shares of Relay Therapeutics by 126.1% during the fourth quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company’s stock worth $33,240,000 after purchasing an additional 4,500,000 shares during the period. Bellevue Group AG grew its position in shares of Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after buying an additional 1,000,069 shares during the last quarter. Norges Bank acquired a new stake in Relay Therapeutics during the 4th quarter valued at approximately $23,821,000. Finally, JPMorgan Chase & Co. increased its position in shares of Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after buying an additional 1,554,115 shares during the period. 96.98% of the stock is owned by 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.