Relay Therapeutics (NASDAQ:RLAY) Price Target Raised to $31.00

Relay Therapeutics (NASDAQ:RLAY) had its price target boosted by JonesTrading from $20.00 to $31.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also commented on the stock. The Goldman Sachs Group lifted their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. upped their target price on shares of Relay Therapeutics from $28.00 to $31.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Guggenheim reissued a “buy” rating on shares of Relay Therapeutics in a research note on Friday, August 7th. Barclays raised their price target on Relay Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Relay Therapeutics Stock Performance

Shares of NASDAQ RLAY opened at $18.60 on Friday. The firm has a market capitalization of $4.08 billion, a PE ratio of -12.32 and a beta of 1.74. Relay Therapeutics has a 1 year low of $5.95 and a 1 year high of $21.27. The firm’s 50-day moving average is $18.31 and its 200-day moving average is $15.20.

Relay Therapeutics (NASDAQ:RLAY) last posted 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. As a group, equities research analysts anticipate that Relay Therapeutics will post -1.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Peter Rahmer sold 4,508 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $20.03, for a total transaction of $90,295.24. Following the transaction, the insider owned 223,657 shares of the company’s stock, valued at $4,479,849.71. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjiv Patel sold 48,199 shares of the business’s stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $18.10, for a total transaction of $872,401.90. Following the transaction, the chief executive officer owned 471,301 shares of the company’s stock, valued at approximately $8,530,548.10. This represents a 9.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,149,344 shares of company stock worth $119,185,625 over the last ninety days. Company insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc bought a new position in shares of Relay Therapeutics during the 2nd quarter valued at about $2,389,000. California State Teachers Retirement System grew its position in shares of Relay Therapeutics by 47.9% in the 1st quarter. California State Teachers Retirement System now owns 174,099 shares of the company’s stock valued at $1,732,000 after purchasing an additional 56,422 shares during the period. Alphabet Inc. acquired a new position in shares of Relay Therapeutics in the 2nd quarter valued at approximately $26,382,000. Persistent Asset Partners Ltd acquired a new position in shares of Relay Therapeutics in the 2nd quarter valued at approximately $1,323,000. Finally, Sanctuary Advisors LLC bought a new stake in Relay Therapeutics during the 2nd quarter worth approximately $1,995,000. 96.98% of the stock is 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.