Relay Therapeutics’ (RLAY) “Outperform” Rating Reaffirmed at Oppenheimer

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “outperform” rating reiterated by analysts at Oppenheimer in a report issued on Monday, Benzinga reports. They currently have a $25.00 price objective on the stock, down from their prior price objective of $33.00. Oppenheimer’s target price would indicate a potential upside of 255.11% from the company’s previous close.

RLAY has been the subject of a number of other reports. Stifel Nicolaus raised their price target on Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Leerink Partnrs restated an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $24.00.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $7.04 on Monday. The firm’s 50 day moving average price is $7.86 and its 200-day moving average price is $8.80. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $13.32. The stock has a market cap of $934.49 million, a P/E ratio of -2.67 and a beta of 1.68.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The firm had revenue of $10.01 million for the quarter, compared to analysts’ expectations of $0.12 million. During the same period in the prior year, the company earned ($0.78) EPS. The business’s revenue was up 4327.9% compared to the same quarter last year. As a group, equities analysts expect that Relay Therapeutics will post -2.84 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at approximately $33,789,000. BVF Inc. IL increased its position in Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares during the last quarter. Bellevue Group AG raised its stake in Relay Therapeutics by 21.5% during the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares during the period. Finepoint Capital LP grew its stake in shares of Relay Therapeutics by 51.3% in the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after buying an additional 447,000 shares during the period. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Relay Therapeutics during the 4th quarter worth approximately $3,303,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Company Profile

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.