Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 5.8%

Relay Therapeutics, Inc. (NASDAQ:RLAY) rose 5.8% during trading on Friday . The company traded as high as $10.88 and last traded at $10.81. Approximately 949,515 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 1,334,138 shares. The stock had previously closed at $10.22.

Wall Street Analysts Forecast Growth

RLAY has been the topic of a number of research analyst reports. Leerink Partnrs restated an “outperform” rating on shares of Relay Therapeutics in a report on Tuesday, August 8th. SVB Securities initiated coverage on shares of Relay Therapeutics in a report on Tuesday, August 8th. They issued an “outperform” rating on the stock. Oppenheimer reiterated an “outperform” rating and set a $33.00 target price on shares of Relay Therapeutics in a report on Wednesday, August 9th. Finally, HC Wainwright dropped their target price on shares of Relay Therapeutics from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, August 17th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Relay Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $26.06.

Relay Therapeutics Trading Up 7.9 %

The company has a market capitalization of $1.35 billion, a PE ratio of -3.79 and a beta of 1.34. The business’s 50-day simple moving average is $11.58 and its 200-day simple moving average is $13.09.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.03). Relay Therapeutics had a negative return on equity of 37.81% and a negative net margin of 36,562.53%. The business had revenue of $0.12 million for the quarter, compared to analysts’ expectations of $0.81 million. During the same period in the prior year, the business posted ($0.71) earnings per share. The business’s quarterly revenue was down 67.4% compared to the same quarter last year. Sell-side analysts forecast that Relay Therapeutics, Inc. will post -3.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Relay Therapeutics

Large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Relay Therapeutics by 198.6% in the 3rd quarter. Royal Bank of Canada now owns 1,287 shares of the company’s stock valued at $29,000 after purchasing an additional 856 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of Relay Therapeutics in the 2nd quarter valued at $39,000. CI Investments Inc. acquired a new position in shares of Relay Therapeutics in the 4th quarter valued at $44,000. Metropolitan Life Insurance Co. NY increased its holdings in Relay Therapeutics by 15.5% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,264 shares of the company’s stock worth $79,000 after acquiring an additional 706 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY increased its holdings in Relay Therapeutics by 15.5% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 5,264 shares of the company’s stock worth $79,000 after acquiring an additional 706 shares in the last quarter.

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 GDC-1971, an oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 that is in Phase 1 trial in patients with advanced solid tumors.