Raymond James Financial Cuts Relay Therapeutics (NASDAQ:RLAY) Price Target to $19.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective trimmed by Raymond James Financial from $29.00 to $19.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

A number of other research firms have also recently issued reports on RLAY. Guggenheim cut their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company assumed coverage on shares of Relay Therapeutics in a research report on Thursday, April 17th. They set an “equal weight” rating and a $4.00 price objective on the stock. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.25.

Relay Therapeutics Trading Down 7.7%

Shares of RLAY opened at $3.22 on Friday. The stock has a market capitalization of $555.16 million, a P/E ratio of -1.65 and a beta of 1.62. The firm’s fifty day simple moving average is $3.47 and its two-hundred day simple moving average is $3.34. Relay Therapeutics has a 12 month low of $1.77 and a 12 month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.08. The firm had revenue of $0.70 million for the quarter, compared to the consensus estimate of $0.07 million. As a group, research analysts predict that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sanjiv Patel sold 61,379 shares of the firm’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $3.57, for a total value of $219,123.03. Following the transaction, the chief executive officer owned 765,288 shares of the company’s stock, valued at approximately $2,732,078.16. This trade represents a 7.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 15,724 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total transaction of $57,864.32. Following the completion of the transaction, the insider directly owned 377,998 shares in the company, valued at approximately $1,391,032.64. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 149,226 shares of company stock worth $542,926 in the last 90 days. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Martingale Asset Management L P lifted its position in Relay Therapeutics by 3.5% in the 4th quarter. Martingale Asset Management L P now owns 80,371 shares of the company’s stock valued at $331,000 after acquiring an additional 2,700 shares in the last quarter. Virtus ETF Advisers LLC lifted its position in shares of Relay Therapeutics by 26.2% during the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock worth $61,000 after buying an additional 3,092 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Relay Therapeutics by 5.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 68,615 shares of the company’s stock worth $237,000 after buying an additional 3,275 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Relay Therapeutics by 1.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company’s stock worth $902,000 after buying an additional 3,325 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its position in shares of Relay Therapeutics by 41.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after buying an additional 3,760 shares in the last quarter. 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.