Relay Therapeutics (NASDAQ:RLAY) Trading Up 7.3% – Time to Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY) traded up 7.3% during trading on Tuesday . The stock traded as high as $3.16 and last traded at $3.14. 1,088,513 shares traded hands during trading, a decline of 56% from the average session volume of 2,475,521 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

RLAY has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a research note on Friday, March 7th. Stifel Nicolaus cut their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Guggenheim lowered their price target on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company initiated coverage on shares of Relay Therapeutics in a research note on Thursday, April 17th. They issued an “equal weight” rating and a $4.00 price target for the company. Finally, The Goldman Sachs Group cut their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.67.

Relay Therapeutics Trading Up 4.1%

The firm’s 50 day moving average price is $2.85 and its two-hundred day moving average price is $3.91. The company has a market capitalization of $522.91 million, a P/E ratio of -1.17 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. The firm had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. The business’s revenue for the quarter was down 23.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.62) earnings per share. Analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 12,943 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total value of $38,829.00. Following the sale, the chief financial officer now owns 355,376 shares of the company’s stock, valued at approximately $1,066,128. This trade represents a 3.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 10,739 shares of the business’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total value of $32,217.00. Following the transaction, the insider now directly owns 390,081 shares of the company’s stock, valued at $1,170,243. This trade represents a 2.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,320 shares of company stock worth $280,981. Corporate insiders own 4.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC increased its position in shares of Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after acquiring an additional 4,000 shares in the last quarter. Murchinson Ltd. purchased a new position in Relay Therapeutics in the 1st quarter valued at approximately $26,000. Stifel Financial Corp bought a new stake in Relay Therapeutics during the 4th quarter valued at $42,000. Twinbeech Capital LP bought a new position in Relay Therapeutics in the 4th quarter worth about $42,000. Finally, DRW Securities LLC purchased a new position in Relay Therapeutics during the first quarter valued at approximately $28,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.