JPMorgan Chase & Co. Trims Relay Therapeutics (NASDAQ:RLAY) Target Price to $21.00

Relay Therapeutics (NASDAQ:RLAY) had its target price lowered by JPMorgan Chase & Co. from $23.00 to $21.00 in a report published on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities analysts have also recently commented on RLAY. Oppenheimer cut shares of Relay Therapeutics from an outperform rating to a market perform rating in a research note on Tuesday. The Goldman Sachs Group started coverage on Relay Therapeutics in a research note on Tuesday. They set a buy rating and a $20.00 target price on the stock. HC Wainwright decreased their price target on Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, July 17th. JMP Securities cut their price objective on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a research report on Thursday, July 18th. Finally, Barclays decreased their target price on Relay Therapeutics from $15.00 to $14.00 and set an overweight rating for the company in a research report on Friday, July 26th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $21.22.

Relay Therapeutics Price Performance

NASDAQ:RLAY opened at $7.62 on Tuesday. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -2.89 and a beta of 1.64. The business has a 50 day simple moving average of $7.52 and a 200-day simple moving average of $7.43. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the prior year, the company earned ($0.81) earnings per share. As a group, analysts expect that Relay Therapeutics will post -2.91 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at approximately $6,948,799.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Relay Therapeutics news, CFO Thomas Catinazzo sold 9,373 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 330,430 shares in the company, valued at $2,061,883.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction on Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the transaction, the chief executive officer now owns 766,130 shares in the company, valued at $6,948,799.10. The disclosure for this sale can be found here. Insiders sold 84,738 shares of company stock worth $715,499 over the last three months. 4.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC bought a new position in Relay Therapeutics in the second quarter worth about $37,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Relay Therapeutics in the 1st quarter worth approximately $79,000. Virtu Financial LLC bought a new position in shares of Relay Therapeutics during the 1st quarter worth approximately $87,000. Los Angeles Capital Management LLC lifted its position in Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after acquiring an additional 2,850 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Relay Therapeutics in the fourth quarter valued at approximately $126,000. 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.