HC Wainwright Boosts Relay Therapeutics (NASDAQ:RLAY) Price Target to $19.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective boosted by HC Wainwright from $18.00 to $19.00 in a research note issued to investors on Monday, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on the company. Barclays lifted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an overweight rating in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a buy rating and a $20.00 target price for the company. Bank of America boosted their target price on Relay Therapeutics from $20.00 to $24.00 and gave the stock a buy rating in a research report on Tuesday, September 10th. JMP Securities dropped their target price on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating for the company in a research report on Thursday, July 18th. Finally, Jefferies Financial Group upgraded Relay Therapeutics from a hold rating to a buy rating and boosted their target price for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Relay Therapeutics presently has an average rating of Moderate Buy and an average price target of $21.11.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $7.58 on Monday. The business has a 50 day simple moving average of $7.60 and a 200 day simple moving average of $7.34. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14. The company has a market capitalization of $1.01 billion, a PE ratio of -2.87 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period in the prior year, the company posted ($0.81) earnings per share. Equities analysts anticipate that Relay Therapeutics will post -2.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 9,373 shares of Relay Therapeutics stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the transaction, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock valued at $715,499 over the last three months. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics in the second quarter valued at about $37,000. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics in the first quarter valued at about $79,000. Virtu Financial LLC acquired a new position in Relay Therapeutics in the first quarter valued at about $87,000. Los Angeles Capital Management LLC lifted its holdings in shares of Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Relay Therapeutics in the fourth quarter valued at about $126,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.