Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 10.1%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price rose 10.1% during mid-day trading on Monday . The company traded as high as $7.10 and last traded at $7.10. Approximately 462,907 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,202,975 shares. The stock had previously closed at $6.45.

Analyst Ratings Changes

RLAY has been the subject of a number of research reports. Oppenheimer reduced their price target on shares of Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. HC Wainwright dropped their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. JMP Securities dropped their target price on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, July 18th. Finally, Barclays dropped their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $21.67.

Relay Therapeutics Stock Performance

The firm’s 50-day simple moving average is $7.38 and its two-hundred day simple moving average is $7.71. The stock has a market cap of $984.95 million, a price-to-earnings ratio of -2.81 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the firm posted ($0.81) EPS. Equities research analysts expect that Relay Therapeutics, Inc. will post -2.91 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In related news, insider Peter Rahmer sold 20,450 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total transaction of $144,377.00. Following the transaction, the insider now owns 432,425 shares of the company’s stock, valued at approximately $3,052,920.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Peter Rahmer sold 20,450 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total transaction of $144,377.00. Following the transaction, the insider now owns 432,425 shares of the company’s stock, valued at approximately $3,052,920.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 9,373 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the transaction, the chief financial officer now directly owns 330,430 shares in the company, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders sold a total of 125,052 shares of company stock worth $988,396 in the last quarter. 4.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics during the second quarter worth $37,000. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics during the first quarter worth $79,000. Virtu Financial LLC acquired a new position in Relay Therapeutics during the first quarter worth $87,000. Victory Capital Management Inc. bought a new stake in Relay Therapeutics during the fourth quarter worth $126,000. Finally, Quest Partners LLC bought a new stake in Relay Therapeutics during the fourth quarter worth $147,000. Institutional investors own 96.98% of the company’s stock.

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.