Relay Therapeutics (NASDAQ:RLAY) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Relay Therapeutics (NASDAQ:RLAY - Free Report) in a report published on Friday,Benzinga reports. HC Wainwright currently has a $16.00 price objective on the stock.

RLAY has been the topic of a number of other reports. Leerink Partners lowered their target price 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 reaffirmed a "market outperform" rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. Stifel Nicolaus decreased their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their price objective on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One 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, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.80.

Relay Therapeutics Stock Performance

RLAY traded up $0.20 during midday trading on Friday, reaching $3.47. 2,620,878 shares of the company were exchanged, compared to its average volume of 2,247,317. The company has a market cap of $588.24 million, a price-to-earnings ratio of -1.33 and a beta of 1.65. The company's fifty day moving average price is $4.17 and its 200 day moving average price is $5.35. Relay Therapeutics has a one year low of $3.02 and a one year high of $10.72.

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Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. As a group, sell-side analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Peter Rahmer sold 16,576 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.45, for a total transaction of $73,763.20. Following the completion of the transaction, the insider now owns 308,754 shares of the company's stock, valued at approximately $1,373,955.30. The trade was a 5.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjiv Patel sold 75,324 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the completion of the sale, the chief executive officer now owns 883,089 shares in the company, valued at $3,267,429.30. This represents a 7.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 570,152 shares of company stock worth $2,491,157 over the last 90 days. Corporate insiders own 4.32% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RLAY. Thrivent Financial for Lutherans boosted its stake in Relay Therapeutics by 33.7% during the third quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company's stock valued at $1,137,000 after buying an additional 40,447 shares during the period. First Turn Management LLC purchased a new stake in shares of Relay Therapeutics in the 3rd quarter valued at about $8,683,000. Intech Investment Management LLC bought a new stake in shares of Relay Therapeutics during the 3rd quarter valued at about $256,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Relay Therapeutics by 26.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company's stock worth $7,333,000 after purchasing an additional 214,398 shares in the last quarter. Finally, Valence8 US LP purchased a new position in Relay Therapeutics in the 3rd quarter worth approximately $185,000. 96.98% of the stock is currently owned by hedge funds and other 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.