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

HC Wainwright reaffirmed their buy rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a report issued on Tuesday,Benzinga reports. The firm currently has a $16.00 price target on the stock.

Several other research analysts have also commented on RLAY. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research report on Monday, September 16th. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Leerink Partners reduced their price target on 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 analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY opened at $4.34 on Tuesday. The stock has a 50-day simple moving average of $4.76 and a 200-day simple moving average of $6.29. The stock has a market capitalization of $726.44 million, a P/E ratio of -1.66 and a beta of 1.60. Relay Therapeutics has a 1 year low of $4.00 and a 1 year high of $11.16.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same quarter in the previous year, the company earned ($0.54) EPS. The firm’s revenue was down 100.0% compared to the same quarter last year. Analysts predict that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the sale, the chief executive officer now directly owns 574,548 shares in the company, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 162,319 shares of company stock valued at $781,067. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Bellevue Group AG lifted its position 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 worth $52,230,000 after buying an additional 1,000,069 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after acquiring an additional 1,554,115 shares during the period. State Street Corp raised its stake in Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after acquiring an additional 51,810 shares during the period. Braidwell LP lifted its holdings in Relay Therapeutics by 16.4% in the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after acquiring an additional 492,628 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Relay Therapeutics by 15.5% in the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after acquiring an additional 367,473 shares during the period. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.