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

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $16.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 319.95% from the stock’s current price.

RLAY has been the topic of a number of other research reports. Leerink Partners reduced their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $28.00 target price 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 ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock Performance

RLAY opened at $3.81 on Tuesday. The firm has a market cap of $637.73 million, a price-to-earnings ratio of -1.46 and a beta of 1.60. The firm’s 50-day simple moving average is $4.76 and its 200-day simple moving average is $6.29. Relay Therapeutics has a twelve month low of $3.77 and a twelve month high of $11.16.

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

Insider Buying and Selling

In related news, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction on Monday, December 16th. The stock was 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 $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 is available at this link. Also, 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 value 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. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,319 shares of company stock valued at $781,067 over the last ninety days. Insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of RLAY. JPMorgan Chase & Co. grew its holdings in Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after purchasing an additional 1,554,115 shares during the period. Exome Asset Management LLC bought a new position in shares of Relay Therapeutics during the third quarter worth $2,936,000. Franklin Resources Inc. grew its holdings in shares of Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after buying an additional 1,361,779 shares during the period. Virtu Financial LLC acquired a new position in shares of Relay Therapeutics in the 3rd quarter valued at $333,000. Finally, Barclays PLC increased its position in shares of Relay Therapeutics by 118.4% in the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock valued at $1,783,000 after buying an additional 136,541 shares in the last quarter. 96.98% of the stock is 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.