Wall Street Zen Upgrades Relay Therapeutics (NASDAQ:RLAY) to “Hold”

Relay Therapeutics (NASDAQ:RLAY) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

RLAY has been the subject of several other reports. Guggenheim restated a “buy” rating on shares of Relay Therapeutics in a research report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on Relay Therapeutics from $28.00 to $31.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Citizens Jmp raised their target price on Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a report on Monday, August 10th. Barclays lifted their price target on Relay Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a report on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.92.

Relay Therapeutics Price Performance

RLAY stock opened at $18.60 on Friday. Relay Therapeutics has a 12 month low of $5.95 and a 12 month high of $21.27. The firm has a market cap of $4.08 billion, a P/E ratio of -12.32 and a beta of 1.74. The company’s 50-day moving average price is $18.31 and its two-hundred day moving average price is $15.20.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.03. Equities analysts predict that Relay Therapeutics will post -1.59 EPS for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $18.10, for a total value of $872,401.90. Following the completion of the transaction, the chief executive officer owned 471,301 shares of the company’s stock, valued at $8,530,548.10. This represents a 9.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $19.40, for a total value of $116,400,000.00. Following the completion of the transaction, the insider owned 21,904,963 shares of the company’s stock, valued at $424,956,282.20. This represents a 21.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,149,344 shares of company stock worth $119,185,625 in the last ninety days. Insiders own 5.04% of the company’s stock.

Institutional Trading of Relay Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Relay Therapeutics in the 2nd quarter valued at about $286,042,000. Perceptive Advisors LLC raised its stake in Relay Therapeutics by 412.3% during the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock worth $97,024,000 after buying an additional 7,847,896 shares during the period. Spruce Street Capital LP bought a new position in Relay Therapeutics in the second quarter worth approximately $55,832,979. Dimensional Fund Advisors LP boosted its holdings in Relay Therapeutics by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock worth $29,248,000 after acquiring an additional 460,186 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in Relay Therapeutics in the second quarter worth approximately $50,425,000. 96.98% of the stock is currently owned by institutional investors.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them.

Relay’s research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3Kα.