JPMorgan Chase & Co. Begins Coverage on Relay Therapeutics (NASDAQ:RLAY)

Stock analysts at JPMorgan Chase & Co. assumed coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a report issued on Wednesday,Benzinga reports. The brokerage set an “overweight” rating and a $28.00 price target on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 41.84% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Citizens Jmp raised their target price on shares of Relay Therapeutics from $19.00 to $21.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 20th. UBS Group set a $26.00 price objective on Relay Therapeutics in a report on Tuesday, May 19th. The Goldman Sachs Group raised their price objective on Relay Therapeutics from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Relay Therapeutics in a research report on Tuesday, May 19th. Finally, Guggenheim raised their price target on Relay Therapeutics from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $23.73.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $19.74 on Wednesday. The company has a 50 day moving average price of $14.91 and a 200-day moving average price of $11.72. Relay Therapeutics has a fifty-two week low of $3.03 and a fifty-two week high of $20.20. The stock has a market capitalization of $3.78 billion, a PE ratio of -12.57 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.06). The company had revenue of $3.00 million for the quarter, compared to the consensus estimate of $5.58 million. Equities research analysts forecast that Relay Therapeutics will post -1.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $19.09, for a total value of $954,500.00. Following the completion of the transaction, the insider directly owned 225,857 shares of the company’s stock, valued at approximately $4,311,610.13. The trade was a 18.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Donald A. Bergstrom sold 93,456 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.94, for a total value of $1,583,144.64. Following the completion of the sale, the insider owned 418,557 shares in the company, valued at approximately $7,090,355.58. This represents a 18.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 353,351 shares of company stock worth $6,016,191. Company insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently modified their holdings of RLAY. SG Americas Securities LLC increased its holdings in Relay Therapeutics by 591.7% in the 4th quarter. SG Americas Securities LLC now owns 220,949 shares of the company’s stock worth $1,869,000 after acquiring an additional 189,004 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in Relay Therapeutics in the 3rd quarter valued at $399,000. Sanctuary Advisors LLC purchased a new position in Relay Therapeutics in the 4th quarter valued at $1,203,000. Commodore Capital LP boosted its stake in Relay Therapeutics by 27.3% during the 3rd quarter. Commodore Capital LP now owns 17,000,000 shares of the company’s stock worth $88,740,000 after purchasing an additional 3,650,000 shares during the last quarter. Finally, Mayport LLC purchased a new stake in shares of Relay Therapeutics during the third quarter worth $259,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company’s core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.