Relay Therapeutics (NASDAQ:RLAY) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Relay Therapeutics (NASDAQ:RLAY) from a hold rating to a strong sell rating in a report released on Wednesday morning,Zacks.com reports.

RLAY has been the topic of a number of other reports. Guggenheim increased their price objective on Relay Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. UBS Group set a $26.00 price target on shares of Relay Therapeutics in a research note on Tuesday, May 19th. Wells Fargo & Company increased their price objective on shares of Relay Therapeutics from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Barclays increased their price objective on shares of Relay Therapeutics from $21.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. began coverage on shares of Relay Therapeutics in a report on Wednesday, July 8th. They set an “overweight” rating and a $28.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.92.

Relay Therapeutics Stock Down 3.4%

Shares of Relay Therapeutics stock opened at $18.44 on Wednesday. The stock has a market capitalization of $3.53 billion, a P/E ratio of -11.75 and a beta of 1.67. The company has a 50-day simple moving average of $16.58 and a 200 day simple moving average of $12.70. Relay Therapeutics has a 12-month low of $3.03 and a 12-month high of $20.79.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Tuesday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.06). The firm had revenue of $3.00 million for the quarter, compared to the consensus estimate of $5.58 million. On average, equities analysts anticipate that Relay Therapeutics will post -1.57 earnings per share for the current year.

Insider Activity

In related news, insider Peter Rahmer sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $19.09, for a total transaction of $954,500.00. Following the completion of the transaction, the insider owned 225,857 shares in the company, valued at approximately $4,311,610.13. The trade was a 18.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 615,898 shares of the company’s stock, valued at $12,059,282.84. The trade was a 7.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 426,127 shares of company stock worth $7,426,087 over the last quarter. 5.04% of the stock is owned by insiders.

Institutional Trading of Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. Sanctuary Advisors LLC lifted its holdings in Relay Therapeutics by 1.1% during the first quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company’s stock worth $1,431,000 after acquiring an additional 1,588 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 worth $71,000 after acquiring an additional 1,757 shares in the last quarter. Abel Hall LLC raised its position in shares of Relay Therapeutics by 16.2% during the fourth quarter. Abel Hall LLC now owns 12,984 shares of the company’s stock worth $110,000 after purchasing an additional 1,809 shares during the period. Cresset Asset Management LLC raised its position in shares of Relay Therapeutics by 5.0% during the third quarter. Cresset Asset Management LLC now owns 38,932 shares of the company’s stock worth $203,000 after purchasing an additional 1,848 shares during the period. Finally, Prelude Capital Management LLC lifted its holdings in shares of Relay Therapeutics by 18.7% during the 3rd quarter. Prelude Capital Management LLC now owns 19,700 shares of the company’s stock valued at $103,000 after purchasing an additional 3,100 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.