Relay Therapeutics’ (RLAY) Sell (D-) Rating Reaffirmed at Weiss Ratings

Weiss Ratings reiterated their sell (d-) rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research note released on Tuesday,Weiss Ratings reports.

A number of other brokerages have also recently commented on RLAY. Raymond James Financial dropped their target price on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a report on Friday, August 8th. HC Wainwright dropped their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 26th. Finally, Guggenheim initiated coverage on Relay Therapeutics in a report on Thursday, September 4th. They issued a “buy” rating and a $15.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Relay Therapeutics Price Performance

NASDAQ RLAY opened at $6.03 on Tuesday. The stock has a market capitalization of $1.04 billion, a PE ratio of -3.09 and a beta of 1.75. The business has a 50 day simple moving average of $4.33 and a two-hundred day simple moving average of $3.55. Relay Therapeutics has a 1-year low of $1.77 and a 1-year high of $7.00.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.08. The company had revenue of $0.70 million during the quarter, compared to analysts’ expectations of $0.07 million. On average, analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Brian Adams sold 18,276 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $67,255.68. Following the completion of the sale, the insider directly owned 371,472 shares of the company’s stock, valued at approximately $1,367,016.96. This trade represents a 4.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald A. Bergstrom sold 26,701 shares of Relay Therapeutics stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $98,259.68. Following the sale, the insider directly owned 552,720 shares of the company’s stock, valued at approximately $2,034,009.60. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,847 shares of company stock valued at $323,803 over the last quarter. 4.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Commodore Capital LP bought a new stake in Relay Therapeutics during the 2nd quarter valued at $46,191,000. Bellevue Group AG raised its position in Relay Therapeutics by 11.6% during the 2nd quarter. Bellevue Group AG now owns 8,230,870 shares of the company’s stock valued at $28,479,000 after purchasing an additional 853,578 shares in the last quarter. Geode Capital Management LLC raised its position in Relay Therapeutics by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,229,666 shares of the company’s stock valued at $11,176,000 after purchasing an additional 159,548 shares in the last quarter. Millennium Management LLC raised its position in Relay Therapeutics by 14.6% during the 1st quarter. Millennium Management LLC now owns 2,942,875 shares of the company’s stock valued at $7,710,000 after purchasing an additional 374,491 shares in the last quarter. Finally, MPM Bioimpact LLC raised its position in Relay Therapeutics by 1.2% during the 1st quarter. MPM Bioimpact LLC now owns 2,295,924 shares of the company’s stock valued at $6,015,000 after purchasing an additional 27,099 shares in the last quarter. 96.98% of the stock is owned by institutional investors.

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.