Relay Therapeutics (NASDAQ:RLAY) Price Target Raised to $19.00 at HC Wainwright

Relay Therapeutics (NASDAQ:RLAY) had its target price lifted by analysts at HC Wainwright from $18.00 to $19.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 150.00% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. JMP Securities decreased their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, July 18th. Bank of America raised their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $10.60 to $16.00 in a research report on Tuesday, September 10th. Barclays raised their price target on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Relay Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $21.11.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $7.60 on Monday. The firm has a market capitalization of $1.02 billion, a PE ratio of -2.88 and a beta of 1.64. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14. The stock’s 50 day moving average price is $7.59 and its 200 day moving average price is $7.34.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the previous year, the business posted ($0.81) EPS. On average, analysts forecast that Relay Therapeutics will post -2.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the sale, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares in the company, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,738 shares of company stock valued at $715,499. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caxton Associates LP increased its stake in Relay Therapeutics by 637.3% during the 4th quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock valued at $3,073,000 after buying an additional 241,247 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Relay Therapeutics by 57.2% during the first quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after acquiring an additional 65,484 shares during the period. Finepoint Capital LP raised its holdings in Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares in the last quarter. BVF Inc. IL lifted its position in Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares during the period. Finally, Norges Bank acquired a new position in shares of Relay Therapeutics during the 4th quarter valued at $33,789,000. 96.98% of the stock is 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.