Canaccord Genuity Group Begins Coverage on Relay Therapeutics (NASDAQ:RLAY)

Equities researchers at Canaccord Genuity Group began coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $29.00 price target on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 45.66% from the stock’s current price.

A number of other equities research analysts have also commented on RLAY. Guggenheim upped their target price on Relay Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Raymond James Financial reissued a “strong-buy” rating on shares of Relay Therapeutics in a research report on Tuesday, May 19th. JonesTrading upgraded shares of Relay Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Oppenheimer lifted their price objective on shares of Relay Therapeutics from $14.00 to $18.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Relay Therapeutics in a report on Wednesday, July 8th. They issued an “overweight” rating and a $28.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Relay Therapeutics currently has an average rating of “Buy” and an average target price of $24.17.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $19.91 on Thursday. The stock has a 50-day moving average of $15.95 and a two-hundred day moving average of $12.33. The stock has a market cap of $3.81 billion, a P/E ratio of -12.68 and a beta of 1.67. Relay Therapeutics has a one year low of $3.03 and a one year high of $20.79.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.06). The firm had revenue of $3.00 million during the quarter, compared to analyst estimates of $5.58 million. Analysts predict that Relay Therapeutics will post -1.57 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sanjiv Patel sold 48,199 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $19.58, for a total transaction of $943,736.42. Following the sale, the chief executive officer directly owned 615,898 shares of the company’s stock, valued at approximately $12,059,282.84. This represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Donald A. Bergstrom sold 93,456 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.94, for a total transaction of $1,583,144.64. Following the sale, the insider owned 418,557 shares in the company, valued at approximately $7,090,355.58. This represents a 18.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 426,127 shares of company stock valued at $7,426,087. 5.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently modified their holdings of RLAY. KBC Group NV acquired a new position in Relay Therapeutics in the 1st quarter worth about $34,000. Torren Management LLC purchased a new position in Relay Therapeutics during the fourth quarter worth approximately $30,000. Smartleaf Asset Management LLC grew its holdings in Relay Therapeutics by 288.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,426 shares of the company’s stock valued at $37,000 after purchasing an additional 3,287 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Relay Therapeutics in the fourth quarter valued at approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Relay Therapeutics by 26.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,422 shares of the company’s stock valued at $71,000 after buying an additional 1,757 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company’s core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.