Why Relay Therapeutics Stock Is Trading Higher Today

Relay Therapeutics RLAY shares are trading higher after Raymond James upgraded the stock from Outperform to Strong Buy and announced a $29 price target. Also, the stock is rebounding following yesterday's sell-off.

What to Know: On Wednesday, Raymond James alongside other analysts adjusted their price targets and ratings for Relay Therapeutics after clinical data was released on Tuesday. Relay Therapeutics dropped 30% and was briefly circuit-breaker halted on Tuesday after the company released initial clinical data for RLY-2608.

Raymond James analyst Dana Leone upgraded the stock to a Strong Buy and made no change on the price target of $29 stating that, "we see the sell-off on the response data to be overdone given the platform validation on safety and early nature of the disclosure."

JMP Securities and JP Morgan also adjusted their ratings. JMP reiterated its price target of $28 and Outperform rating, and JP Morgan maintained its Outperform rating and lowered its price target to $29 from $42.

Relay Therapeutics Inc is a clinical-stage precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients.

According to data from Benzinga Pro, Relay Therapeutics stock was up 8.52%, trading at $12.61 at the time of publication. The stock has a 52-week high of $33.05 and a 52-week low of $10.85.