Brokerages Set Relay Therapeutics, Inc. (NASDAQ:RLAY) Price Target at $24.00

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned an average recommendation of “Buy” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $24.00.

Several research firms have recently commented on RLAY. Stifel Nicolaus boosted their price target on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, February 22nd. Oppenheimer reaffirmed an “outperform” rating and set a $25.00 price target (down from $33.00) on shares of Relay Therapeutics in a research note on Monday. JMP Securities reissued a “market outperform” rating and issued a $24.00 price target on shares of Relay Therapeutics in a research note on Monday. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd.

Relay Therapeutics Price Performance

NASDAQ RLAY opened at $6.51 on Monday. The company has a market capitalization of $864.14 million, a P/E ratio of -2.47 and a beta of 1.68. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $13.32. The company’s 50 day simple moving average is $7.73 and its 200 day simple moving average is $8.80.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) EPS 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 business had revenue of $10.01 million during the quarter, compared to the consensus estimate of $0.12 million. During the same quarter in the prior year, the firm earned ($0.78) EPS. The firm’s quarterly revenue was up 4327.9% on a year-over-year basis. On average, analysts anticipate that Relay Therapeutics will post -2.84 earnings per share for the current year.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in Relay Therapeutics in the 3rd quarter valued at $323,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Relay Therapeutics by 37.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,165 shares of the company’s stock valued at $161,000 after purchasing an additional 5,222 shares in the last quarter. TD Asset Management Inc boosted its holdings in Relay Therapeutics by 88.8% during the third quarter. TD Asset Management Inc now owns 497,490 shares of the company’s stock valued at $4,184,000 after purchasing an additional 233,983 shares in the last quarter. M&T Bank Corp grew its stake in shares of Relay Therapeutics by 46.7% in the 3rd quarter. M&T Bank Corp now owns 46,013 shares of the company’s stock valued at $387,000 after purchasing an additional 14,645 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Relay Therapeutics by 17.4% during the 3rd quarter. Principal Financial Group Inc. now owns 30,464 shares of the company’s stock worth $256,000 after buying an additional 4,507 shares during the period. Institutional investors and hedge funds 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.