Relay Therapeutics (NASDAQ:RLAY) Raised to “Overweight” at Barclays

Relay Therapeutics (NASDAQ:RLAY) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Friday, MarketBeat reports. The brokerage presently has a $15.00 price target on the stock. Barclays‘s price target would indicate a potential upside of 137.72% from the company’s previous close.

Other analysts have also issued research reports about the stock. JMP Securities restated a “market outperform” rating and set a $24.00 price target on shares of Relay Therapeutics in a research note on Monday. Stifel Nicolaus boosted their target price 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. Oppenheimer reaffirmed an “outperform” rating and issued a $25.00 price target (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday. Finally, Leerink Partnrs reissued an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Relay Therapeutics has an average rating of “Buy” and an average price target of $22.20.

Relay Therapeutics Stock Down 3.1 %

NASDAQ:RLAY opened at $6.31 on Friday. Relay Therapeutics has a twelve month low of $5.70 and a twelve month high of $13.32. The company has a fifty day moving average of $7.66 and a 200-day moving average of $8.79. The firm has a market capitalization of $837.59 million, a P/E ratio of -2.39 and a beta of 1.68.

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

Hedge Funds Weigh In On Relay Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Relay Therapeutics during the 4th quarter worth $33,789,000. BVF Inc. IL increased its stake in shares of Relay Therapeutics by 67.8% in 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 in the last quarter. Bellevue Group AG raised its position in shares of Relay Therapeutics by 21.5% in 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 period. Finepoint Capital LP grew its stake in 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 in the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in Relay Therapeutics during the 4th quarter valued at $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.