Relay Therapeutics (NASDAQ:RLAY) Sets New 52-Week High – What’s Next?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $8.23 and last traded at $8.17, with a volume of 4057051 shares trading hands. The stock had previously closed at $6.77.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RLAY shares. HC Wainwright lowered their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 26th. Guggenheim started coverage on Relay Therapeutics in a research report on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target for the company. Raymond James Financial decreased their price objective on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research note on Friday, August 8th. Wells Fargo & Company lifted their target price on Relay Therapeutics from $4.00 to $6.00 and gave the company an “equal weight” rating in a research note on Friday, November 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Relay Therapeutics in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.75.

Relay Therapeutics Stock Performance

The company has a 50 day moving average of $6.11 and a two-hundred day moving average of $4.38. The stock has a market capitalization of $1.42 billion, a PE ratio of -4.67 and a beta of 1.75.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.04). As a group, research analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 21,664 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total transaction of $157,930.56. Following the transaction, the chief financial officer owned 313,631 shares in the company, valued at approximately $2,286,369.99. This represents a 6.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sanjiv Patel sold 62,073 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $7.00, for a total transaction of $434,511.00. Following the completion of the transaction, the chief executive officer directly owned 703,215 shares of the company’s stock, valued at approximately $4,922,505. This represents a 8.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 155,163 shares of company stock worth $1,117,630 in the last quarter. 4.32% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

Several large investors have recently added to or reduced their stakes in RLAY. Murchinson Ltd. acquired a new position in shares of Relay Therapeutics in the first quarter valued at about $26,000. FNY Investment Advisers LLC boosted its position in Relay Therapeutics by 100.0% in the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $34,000 after buying an additional 5,000 shares during the last quarter. Quinn Opportunity Partners LLC purchased a new stake in Relay Therapeutics in the second quarter valued at approximately $35,000. DRW Securities LLC acquired a new position in Relay Therapeutics in the 1st quarter worth approximately $28,000. Finally, May Hill Capital LLC purchased a new position in Relay Therapeutics during the 2nd quarter worth approximately $38,000. Hedge funds and other 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.