Relay Therapeutics (NASDAQ:RLAY) Coverage Initiated by Analysts at Wells Fargo & Company

Research analysts at Wells Fargo & Company assumed coverage on shares of Relay Therapeutics (NASDAQ:RLAY - Get Free Report) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set an "equal weight" rating and a $4.00 price target on the stock. Wells Fargo & Company's price target points to a potential upside of 41.09% from the company's previous close.

RLAY has been the subject of a number of other research reports. Stifel Nicolaus reduced their price target on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group dropped their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, HC Wainwright reissued a "buy" rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Relay Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $18.36.

Relay Therapeutics Stock Up 3.1 %

Shares of RLAY stock traded up $0.09 during mid-day trading on Thursday, reaching $2.84. The company's stock had a trading volume of 489,733 shares, compared to its average volume of 1,962,654. The company's 50 day simple moving average is $3.09 and its 200-day simple moving average is $4.37. The firm has a market capitalization of $480.59 million, a PE ratio of -1.08 and a beta of 1.70. Relay Therapeutics has a 12-month low of $1.78 and a 12-month high of $10.72.

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

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 17,250 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $4.42, for a total value of $76,245.00. Following the completion of the transaction, the insider now directly owns 402,431 shares in the company, valued at $1,778,745.02. The trade was a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjiv Patel sold 140,182 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $539,700.70. Following the sale, the chief executive officer now owns 625,948 shares in the company, valued at $2,409,899.80. The trade was a 18.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 421,418 shares of company stock valued at $1,775,793 in the last quarter. Insiders own 4.32% of the company's stock.

Institutional Trading of Relay Therapeutics

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in Relay Therapeutics in the 4th quarter worth approximately $23,821,000. Tang Capital Management LLC grew its position in Relay Therapeutics by 126.1% in the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company's stock valued at $33,240,000 after buying an additional 4,500,000 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company's stock worth $39,064,000 after buying an additional 1,554,115 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Relay Therapeutics by 142.4% in the 4th quarter. Millennium Management LLC now owns 2,568,384 shares of the company's stock worth $10,582,000 after acquiring an additional 1,508,777 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company's stock valued at $9,429,000 after acquiring an additional 1,361,779 shares during the period. 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.