Relay Therapeutics’ (RLAY) “Buy” Rating Reiterated at HC Wainwright

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report released on Monday, Benzinga reports. They currently have a $19.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 181.90% from the company’s current price.

Several other brokerages also recently issued reports on RLAY. Barclays upped their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. reduced their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Stifel Nicolaus restated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research report on Monday, September 16th. Finally, The Goldman Sachs Group started coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective on the stock. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Relay Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $21.11.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $6.74 on Monday. The firm has a market capitalization of $902.42 million, a price-to-earnings ratio of -2.67 and a beta of 1.64. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14. The stock’s fifty day moving average is $7.03 and its two-hundred day moving average is $7.09.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period last year, the business posted ($0.81) earnings per share. As a group, sell-side analysts forecast that Relay Therapeutics will post -2.84 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.54, for a total value of $115,486.42. Following the transaction, the insider now directly owns 420,765 shares in the company, valued at $3,593,333.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.54, for a total value of $115,486.42. Following the transaction, the insider now directly owns 420,765 shares in the company, valued at $3,593,333.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas Catinazzo sold 10,780 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.56, for a total value of $92,276.80. Following the completion of the transaction, the chief financial officer now owns 319,650 shares in the company, valued at approximately $2,736,204. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,717 shares of company stock worth $652,955 in the last three months. 4.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of large investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of Relay Therapeutics in the third quarter valued at about $390,000. Algert Global LLC grew its stake in shares of Relay Therapeutics by 57.9% in the second quarter. Algert Global LLC now owns 476,888 shares of the company’s stock valued at $3,109,000 after buying an additional 174,953 shares in the last quarter. Driehaus Capital Management LLC grew its stake in shares of Relay Therapeutics by 54.9% in the second quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock valued at $4,018,000 after buying an additional 218,302 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its stake in shares of Relay Therapeutics by 248.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 53,442 shares of the company’s stock valued at $348,000 after buying an additional 38,117 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Relay Therapeutics by 404.2% in the second quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock valued at $7,493,000 after buying an additional 921,271 shares in the last quarter. Institutional investors and hedge funds 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.