Relay Therapeutics (NASDAQ:RLAY) Given “Buy” Rating at HC Wainwright

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Tuesday,Benzinga reports. They currently have a $16.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 234.73% from the stock’s current price.

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

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY opened at $4.78 on Tuesday. The stock’s 50-day simple moving average is $4.79 and its two-hundred day simple moving average is $6.31. The stock has a market capitalization of $800.09 million, a price-to-earnings ratio of -1.83 and a beta of 1.60. Relay Therapeutics has a 52-week low of $4.00 and a 52-week high of $11.16.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. The firm’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.54) earnings per share. As a group, equities analysts forecast that Relay Therapeutics will post -2.55 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

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

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLAY. EverSource Wealth Advisors LLC purchased a new stake in shares of Relay Therapeutics in the second quarter valued at approximately $37,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Relay Therapeutics in the 3rd quarter worth $63,000. Portland Investment Counsel Inc. bought a new position in shares of Relay Therapeutics during the 3rd quarter worth $71,000. Values First Advisors Inc. purchased a new position in shares of Relay Therapeutics during the third quarter valued at $75,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Relay Therapeutics in the third quarter valued at about $134,000. 96.98% of the stock is currently owned by 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.