Relay Therapeutics (NASDAQ:RLAY) Coverage Initiated at Guggenheim

Analysts at Guggenheim initiated coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a research report issued on Thursday, MarketBeat Ratings reports. The firm set a “buy” rating and a $15.00 price target on the stock. Guggenheim’s price target points to a potential upside of 264.08% from the company’s current price.

A number of other brokerages have also recently issued reports on RLAY. Raymond James Financial dropped their target price on shares of Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a report on Friday, August 8th. HC Wainwright dropped their target price on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.50.

Relay Therapeutics Trading Up 3.0%

Relay Therapeutics stock opened at $4.12 on Thursday. The company has a market cap of $710.33 million, a P/E ratio of -2.11 and a beta of 1.60. Relay Therapeutics has a 1-year low of $1.77 and a 1-year high of $10.72. The company has a fifty day simple moving average of $3.59 and a 200 day simple moving average of $3.25.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.08. The business had revenue of $0.70 million during the quarter, compared to the consensus estimate of $0.07 million. On average, equities research analysts forecast that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 61,379 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $3.57, for a total transaction of $219,123.03. Following the completion of the sale, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Peter Rahmer sold 15,724 shares of the business’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 sale, the insider directly owned 377,998 shares of the company’s stock, valued at $1,391,032.64. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 149,226 shares of company stock worth $542,926 in the last 90 days. Company insiders own 4.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Captrust Financial Advisors acquired a new position in shares of Relay Therapeutics during the 2nd quarter worth approximately $49,000. Man Group plc grew its position in shares of Relay Therapeutics by 45.1% during the 2nd quarter. Man Group plc now owns 298,510 shares of the company’s stock worth $1,033,000 after purchasing an additional 92,789 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Relay Therapeutics by 31.5% during the 2nd quarter. Engineers Gate Manager LP now owns 38,719 shares of the company’s stock worth $134,000 after purchasing an additional 9,281 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Relay Therapeutics by 90.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 35,441 shares of the company’s stock worth $123,000 after purchasing an additional 16,851 shares in the last quarter. Finally, Bellevue Group AG increased its position in shares of Relay Therapeutics by 11.6% in the second quarter. Bellevue Group AG now owns 8,230,870 shares of the company’s stock worth $28,479,000 after purchasing an additional 853,578 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.