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

HC Wainwright restated their buy rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research note published on Monday morning, Benzinga reports. They currently have a $19.00 price objective on the stock.

RLAY has been the subject of a number of other research reports. Oppenheimer cut Relay Therapeutics from an outperform rating to a market perform rating in a report on Tuesday, September 10th. Jefferies Financial Group upgraded Relay Therapeutics from a hold rating to a buy rating and boosted their price objective for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. JMP Securities restated a market outperform rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Tuesday, September 17th. Barclays boosted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an overweight rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. dropped their price objective on Relay Therapeutics from $23.00 to $21.00 and set an overweight rating for the company in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Relay Therapeutics currently has a consensus rating of Moderate Buy and an average target price of $21.11.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $6.75 on Monday. The company has a market cap of $903.76 million, a P/E ratio of -2.68 and a beta of 1.64. The business’s 50 day moving average price is $7.04 and its 200-day moving average price is $7.11. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share 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) EPS. As a group, equities analysts predict that Relay Therapeutics will post -2.84 EPS for the current year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the sale, the chief financial officer now directly owns 319,650 shares in the company, valued at $2,736,204. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the sale, the chief financial officer now directly owns 319,650 shares in the company, valued at $2,736,204. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the sale, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,717 shares of company stock worth $652,955 in the last three months. 4.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics in the second quarter valued at about $37,000. Allspring Global Investments Holdings LLC purchased a new position in Relay Therapeutics during the first quarter worth approximately $79,000. Virtu Financial LLC purchased a new position in shares of Relay Therapeutics in the first quarter valued at approximately $87,000. Los Angeles Capital Management LLC lifted its position 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 acquiring an additional 2,850 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Relay Therapeutics in the first quarter valued at approximately $127,000. 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.