HC Wainwright Forecasts Strong Price Appreciation for Relay Therapeutics (NASDAQ:RLAY) Stock

Relay Therapeutics (NASDAQ:RLAY) had its price target lifted by HC Wainwright from $19.00 to $20.00 in a report released on Friday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Several other equities research analysts have also recently commented on RLAY. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price for the company. Oppenheimer cut Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. Finally, Barclays raised their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Relay Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Price Performance

NASDAQ RLAY opened at $6.16 on Friday. The business has a 50 day simple moving average of $6.78 and a 200 day simple moving average of $7.02. Relay Therapeutics has a one year low of $5.60 and a one year high of $12.14. The stock has a market capitalization of $824.76 million, a P/E ratio of -2.36 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same period last year, the firm posted ($0.54) EPS. The firm’s revenue for the quarter was down 100.0% compared to the same quarter last year. Equities analysts expect that Relay Therapeutics will post -2.73 earnings per share for the current year.

Insider Activity

In other news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its position in Relay Therapeutics by 57.2% in the first quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock worth $1,494,000 after purchasing an additional 65,484 shares during the last quarter. Logos Global Management LP purchased a new position in Relay Therapeutics in the second quarter worth $8,476,000. Allspring Global Investments Holdings LLC purchased a new position in Relay Therapeutics in the first quarter worth $79,000. Los Angeles Capital Management LLC boosted its position in Relay Therapeutics by 661.7% in the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock worth $692,000 after purchasing an additional 92,230 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Relay Therapeutics by 19.1% in the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock worth $5,927,000 after purchasing an additional 145,837 shares during the last quarter. Institutional investors own 96.98% of the company’s stock.

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.