Relay Therapeutics (NASDAQ:RLAY) Receives “Outperform” Rating from Oppenheimer

Oppenheimer reissued their outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a report published on Monday, Benzinga reports. The firm currently has a $25.00 price target on the stock, down from their prior price target of $33.00.

A number of other equities analysts also recently commented on the company. Stifel Nicolaus upped their target price on Relay Therapeutics from $25.00 to $30.00 and gave the company a buy rating in a report on Thursday, February 22nd. Leerink Partnrs restated an outperform rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $24.00.

Relay Therapeutics Stock Performance

RLAY stock opened at $7.06 on Monday. The firm’s 50-day moving average price is $7.80 and its two-hundred day moving average price is $8.80. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $13.32.

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

Institutional Trading of Relay Therapeutics

A number of hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in shares of Relay Therapeutics in the 4th quarter worth about $33,789,000. BVF Inc. IL increased its stake in shares of Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares in the last quarter. Bellevue Group AG lifted its holdings in shares of Relay Therapeutics by 21.5% during the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after purchasing an additional 1,051,082 shares during the last quarter. Finepoint Capital LP boosted its position 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 worth $14,510,000 after purchasing an additional 447,000 shares in the last quarter. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Relay Therapeutics in the 4th quarter worth approximately $3,303,000. Institutional investors own 96.98% of the company’s stock.

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.