Relay Therapeutics (NASDAQ:RLAY) Given "Buy" Rating at HC Wainwright

Relay Therapeutics (NASDAQ:RLAY - Get Free Report)'s stock had its "buy" rating reaffirmed by stock 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 price target points to a potential upside of 268.66% from the stock's current price.

RLAY has been the topic of a number of other reports. JMP Securities reissued a "market outperform" rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners cut their price objective on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $28.00 target price on shares of Relay Therapeutics in a research report on Monday, September 16th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Relay Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $20.50.

Relay Therapeutics Price Performance

RLAY traded down $0.44 during trading on Tuesday, hitting $4.34. 1,990,842 shares of the stock traded hands, compared to its average volume of 3,190,288. The firm has a 50-day moving average of $4.76 and a 200 day moving average of $6.29. Relay Therapeutics has a 12-month low of $4.00 and a 12-month high of $11.16. The firm has a market capitalization of $726.44 million, a P/E ratio of -1.66 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.77) by $0.14. During the same period in the previous year, the company posted ($0.54) EPS. The company's revenue was down 100.0% compared to the same quarter last year. As a group, equities analysts predict that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the firm's 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 completion of the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of the company's stock in a transaction that occurred on Monday, January 6th. The stock was 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 in the company, valued at approximately $1,373,955.30. This represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,319 shares of company stock worth $781,067 over the last three months. 4.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors have recently modified their holdings of RLAY. Charles Schwab Investment Management Inc. lifted its stake in Relay Therapeutics by 26.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company's stock valued at $7,333,000 after acquiring an additional 214,398 shares during the period. Maven Securities LTD purchased a new position in shares of Relay Therapeutics during the third quarter valued at approximately $2,389,000. Geode Capital Management LLC lifted its position in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company's stock valued at $19,348,000 after purchasing an additional 367,473 shares during the period. JPMorgan Chase & Co. boosted its holdings in Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company's stock worth $39,064,000 after purchasing an additional 1,554,115 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company's stock worth $9,429,000 after purchasing an additional 1,361,779 shares during the period. 96.98% of the stock is owned by hedge funds and other 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.