Relay Therapeutics’ (RLAY) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research report report published on Friday morning,Benzinga reports. They currently have a $16.00 target price on the stock.

Several other equities analysts have also issued reports on the stock. Stifel Nicolaus decreased their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th. The Goldman Sachs Group cut their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Leerink Partners cut their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Stock Performance

RLAY opened at $3.46 on Friday. Relay Therapeutics has a 52 week low of $3.02 and a 52 week high of $10.72. The firm has a market capitalization of $586.55 million, a PE ratio of -1.33 and a beta of 1.65. The company has a fifty day moving average price of $4.19 and a two-hundred day moving average price of $5.38.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.12. Equities analysts forecast that Relay Therapeutics will post -2.55 EPS for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 32,156 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the sale, the insider now directly owns 357,507 shares of the company’s stock, valued at $1,483,654.05. The trade was a 8.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sanjiv Patel sold 75,324 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the sale, the chief executive officer now directly owns 883,089 shares in the company, valued at $3,267,429.30. This trade represents a 7.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 570,152 shares of company stock valued at $2,491,157 in the last three months. 4.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. Vanguard Group Inc. raised its holdings in shares of Relay Therapeutics by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company’s stock valued at $61,924,000 after purchasing an additional 566,595 shares during the period. Tang Capital Management LLC raised its holdings in shares of Relay Therapeutics by 126.1% in the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company’s stock valued at $33,240,000 after purchasing an additional 4,500,000 shares during the period. Bellevue Group AG raised its holdings in shares of Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after purchasing an additional 1,000,069 shares during the period. Norges Bank bought a new stake in shares of Relay Therapeutics in the 4th quarter valued at about $23,821,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after purchasing an additional 1,554,115 shares during the period. 96.98% of the stock is owned by institutional investors.

About Relay Therapeutics

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.