Oppenheimer Reiterates Outperform Rating for Relay Therapeutics (NASDAQ:RLAY)

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “outperform” rating reiterated by equities researchers at Oppenheimer in a note issued to investors on Monday, Benzinga reports. They presently have a $25.00 target price on the stock, down from their previous target price of $33.00. Oppenheimer’s price target points to a potential upside of 270.92% from the stock’s previous close.

Several other research firms have also recently issued reports on RLAY. Leerink Partnrs reaffirmed an “outperform” rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd. Stifel Nicolaus upped their price objective on Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $24.00.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $6.74 on Monday. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $13.32. The stock has a market capitalization of $894.67 million, a PE ratio of -2.55 and a beta of 1.68. The stock has a 50-day simple moving average of $7.80 and a 200-day simple moving average of $8.80.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The firm had revenue of $10.01 million for the quarter, compared to analysts’ expectations of $0.12 million. During the same quarter last year, the company earned ($0.78) earnings per share. The firm’s revenue was up 4327.9% compared to the same quarter last year. Analysts predict that Relay Therapeutics will post -2.84 EPS for the current year.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics in the first quarter valued at $79,000. Los Angeles Capital Management LLC boosted its position in shares of Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Relay Therapeutics in the 4th quarter valued at about $126,000. Susquehanna Fundamental Investments LLC purchased a new position in Relay Therapeutics during the 1st quarter worth approximately $127,000. Finally, Aigen Investment Management LP acquired a new position in Relay Therapeutics during the third quarter worth approximately $142,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.