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

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

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $28.00 target price on shares of Relay Therapeutics in a report on Monday, September 16th. JMP Securities reiterated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Leerink Partners dropped their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Performance

Shares of RLAY stock opened at $4.31 on Tuesday. The company has a market capitalization of $720.57 million, a P/E ratio of -1.65 and a beta of 1.60. The company’s 50 day moving average price is $4.71 and its two-hundred day moving average price is $6.28. Relay Therapeutics has a 52 week low of $3.50 and a 52 week high of $11.16.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter last year, the firm posted ($0.54) earnings per share. The firm’s revenue for the quarter was down 100.0% compared to the same quarter last year. Analysts forecast that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the business’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 completion of the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 32,156 shares of the company’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 transaction, the insider now directly owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. This trade represents a 8.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 162,319 shares of company stock valued at $781,067 in the last three months. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently made changes to their positions in RLAY. Bellevue Group AG increased its holdings in shares of Relay Therapeutics by 15.7% during the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after acquiring an additional 1,000,069 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares during the period. State Street Corp increased its holdings in Relay Therapeutics by 1.2% in the 3rd 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 in the last quarter. Braidwell LP increased its stake in shares of 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 purchasing an additional 492,628 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after purchasing an additional 367,473 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Relay Therapeutics Company Profile

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.