HC Wainwright Boosts Relay Therapeutics (NASDAQ:RLAY) Price Target to $20.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective lifted by investment analysts at HC Wainwright from $19.00 to $20.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 229.49% from the company’s current price.

RLAY has been the topic of a number of other research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. JPMorgan Chase & Co. lowered their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research note on Tuesday, September 17th. 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 for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $21.22.

Relay Therapeutics Stock Performance

RLAY traded down $0.07 on Friday, hitting $6.07. 500,548 shares of the company were exchanged, compared to its average volume of 1,446,808. Relay Therapeutics has a fifty-two week low of $5.60 and a fifty-two week high of $12.14. The firm has a market capitalization of $812.71 million, a P/E ratio of -2.34 and a beta of 1.67. The business’s fifty day moving average is $6.80 and its 200 day moving average is $7.00.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. The firm’s revenue was down 100.0% on a year-over-year basis. During the same period last year, the firm earned ($0.54) EPS. Analysts forecast that Relay Therapeutics will post -2.84 EPS for the current fiscal year.

Insider Activity

In related 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 sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of RLAY. Russell Investments Group Ltd. grew its position 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 worth $1,494,000 after acquiring an additional 65,484 shares during the last quarter. Logos Global Management LP bought a new position in Relay Therapeutics in the 2nd quarter worth about $8,476,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Relay Therapeutics in the first quarter valued at approximately $79,000. Los Angeles Capital Management LLC raised its holdings in shares of Relay Therapeutics by 661.7% during the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock valued at $692,000 after buying an additional 92,230 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Relay Therapeutics by 19.1% during the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock worth $5,927,000 after buying an additional 145,837 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.