Relay Therapeutics (NASDAQ:RLAY) Earns “Market Outperform” Rating from JMP Securities

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “market outperform” rating reiterated by equities research analysts at JMP Securities in a research note issued on Monday, Benzinga reports. They presently have a $24.00 price target on the stock. JMP Securities’ target price suggests a potential upside of 256.08% from the stock’s current price.

Several other research firms have also recently weighed in on RLAY. Oppenheimer restated an “outperform” rating and issued a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a research report on Monday. Leerink Partnrs reiterated an “outperform” rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus increased their price target on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Relay Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $24.00.

Relay Therapeutics Trading Down 4.5 %

Shares of Relay Therapeutics stock opened at $6.74 on Monday. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $13.32. The company has a market cap of $894.67 million, a price-to-earnings ratio of -2.55 and a beta of 1.68. The company’s 50-day moving average price is $7.80 and its 200-day moving average price is $8.80.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. The firm had revenue of $10.01 million for the quarter, compared to the consensus estimate of $0.12 million. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The company’s revenue for the quarter was up 4327.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.78) earnings per share. On average, sell-side analysts predict that Relay Therapeutics will post -2.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RLAY. Norges Bank bought a new stake in Relay Therapeutics in the 4th quarter worth $33,789,000. BVF Inc. IL raised its position in Relay Therapeutics by 67.8% during the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares during the last quarter. Bellevue Group AG grew its position in shares of Relay Therapeutics by 21.5% in the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after buying an additional 1,051,082 shares during the last quarter. Finepoint Capital LP increased its stake in shares of Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after buying an additional 447,000 shares during the period. Finally, Affinity Asset Advisors LLC purchased a new stake in Relay Therapeutics in the fourth quarter worth $3,303,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.