Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.2%

Relay Therapeutics, Inc. (NASDAQ:RLAY) rose 6.2% during mid-day trading on Wednesday . The company traded as high as $8.04 and last traded at $8.04. Approximately 117,296 shares changed hands during trading, a decline of 89% from the average daily volume of 1,095,667 shares. The stock had previously closed at $7.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. HC Wainwright reduced their price objective on shares of Relay Therapeutics from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, December 11th. Stifel Nicolaus upped their price objective on shares of Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Finally, Leerink Partnrs restated an “outperform” rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.69.

Relay Therapeutics Price Performance

The stock’s 50-day moving average price is $9.40 and its 200 day moving average price is $9.12.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.67) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.09. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.43%. During the same quarter in the previous year, the company earned ($0.56) earnings per share. Sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of Relay Therapeutics by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 286,886 shares of the company’s stock valued at $8,586,000 after acquiring an additional 5,958 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Relay Therapeutics by 55.4% during the first quarter. MetLife Investment Management LLC now owns 37,962 shares of the company’s stock valued at $1,136,000 after acquiring an additional 13,536 shares during the last quarter. Rhumbline Advisers increased its position in shares of Relay Therapeutics by 7.8% during the first quarter. Rhumbline Advisers now owns 75,438 shares of the company’s stock valued at $2,258,000 after acquiring an additional 5,437 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Relay Therapeutics by 48.9% during the first quarter. Great West Life Assurance Co. Can now owns 2,494 shares of the company’s stock valued at $79,000 after acquiring an additional 819 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Relay Therapeutics during the first quarter valued at about $1,733,000. 96.98% of the stock is currently 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.