HC Wainwright Reiterates Buy Rating for Relay Therapeutics (NASDAQ:RLAY)

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $16.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 234.73% from the stock’s current price.

RLAY has been the subject of several other reports. Leerink Partners lowered their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Stifel Nicolaus restated a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research note on Monday, September 16th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Trading Up 7.4 %

Shares of NASDAQ:RLAY opened at $4.78 on Tuesday. The company has a market capitalization of $800.09 million, a PE ratio of -1.83 and a beta of 1.60. Relay Therapeutics has a 12-month low of $4.00 and a 12-month high of $11.16. The business’s fifty day simple moving average is $4.79 and its 200-day simple moving average is $6.31.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter in the prior year, the company earned ($0.54) earnings per share. Relay Therapeutics’s revenue was down 100.0% on a year-over-year basis. Research analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was 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 owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the sale, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. The trade was a 14.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 162,319 shares of company stock worth $781,067. 4.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently made changes to their positions in RLAY. Bank of New York Mellon Corp boosted its holdings in Relay Therapeutics by 15.7% during the second quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock worth $2,312,000 after buying an additional 48,219 shares in the last quarter. Rhumbline Advisers raised its position in shares of Relay Therapeutics by 4.8% in the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after acquiring an additional 7,508 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Relay Therapeutics by 11.2% during the 2nd quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after acquiring an additional 7,680 shares in the last quarter. American Century Companies Inc. grew its position in shares of Relay Therapeutics by 19.4% during the 2nd quarter. American Century Companies Inc. now owns 178,088 shares of the company’s stock valued at $1,161,000 after acquiring an additional 28,894 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Relay Therapeutics by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock valued at $5,927,000 after purchasing an additional 145,837 shares in the last quarter. 96.98% of the stock is 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.