Relay Therapeutics (NASDAQ:RLAY) Stock Price Expected to Rise, HC Wainwright Analyst Says

Relay Therapeutics (NASDAQ:RLAY) had its price target upped by equities research analysts at HC Wainwright from $19.00 to $20.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 222.58% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Bank of America increased their target price on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Barclays increased their price objective on shares of 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 initiated coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a report on Tuesday, September 17th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. One equities 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 a consensus rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Stock Up 1.0 %

RLAY opened at $6.20 on Friday. Relay Therapeutics has a 52-week low of $5.60 and a 52-week high of $12.14. The company has a 50 day moving average of $6.79 and a two-hundred day moving average of $7.00. The company has a market cap of $830.12 million, a P/E ratio of -2.38 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter in the previous year, the firm earned ($0.54) EPS. The company’s quarterly revenue was down 100.0% on a year-over-year basis. Research analysts anticipate that Relay Therapeutics will post -2.84 earnings per share for the current year.

Insider Activity

In other news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Relay Therapeutics during the second quarter worth $37,000. Values First Advisors Inc. bought a new position in Relay Therapeutics in the third quarter worth about $75,000. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics in the first quarter valued at approximately $79,000. Virtu Financial LLC bought a new position in shares of Relay Therapeutics during the first quarter valued at approximately $87,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Relay Therapeutics during the 1st quarter worth approximately $127,000. 96.98% of the stock is currently owned by institutional investors.

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.