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

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report released on Friday,Benzinga reports. They presently have a $16.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 359.77% from the stock’s previous close.

A number of other analysts have also issued reports on RLAY. Stifel Nicolaus cut their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, Leerink Partners decreased their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $3.48 on Friday. Relay Therapeutics has a 1-year low of $3.02 and a 1-year high of $10.72. The firm has a market cap of $589.94 million, a PE ratio of -1.33 and a beta of 1.65. The company has a 50-day moving average of $4.21 and a two-hundred day moving average of $5.43.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. Sell-side analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sanjiv Patel sold 75,324 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $3.70, for a total value of $278,698.80. Following the completion of the sale, the chief executive officer now directly owns 883,089 shares of the company’s stock, valued at $3,267,429.30. The trade was a 7.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas Catinazzo sold 36,036 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total value of $166,846.68. Following the transaction, the chief financial officer now directly owns 263,190 shares in the company, valued at approximately $1,218,569.70. The trade was a 12.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 570,152 shares of company stock worth $2,491,157 over the last 90 days. 4.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RLAY. Martingale Asset Management L P increased its position in Relay Therapeutics by 3.5% in the 4th quarter. Martingale Asset Management L P now owns 80,371 shares of the company’s stock valued at $331,000 after acquiring an additional 2,700 shares during the period. Virtus ETF Advisers LLC raised its position in Relay Therapeutics by 26.2% during the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock worth $61,000 after buying an additional 3,092 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Relay Therapeutics by 1.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company’s stock worth $902,000 after acquiring an additional 3,325 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Relay Therapeutics by 41.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock valued at $52,000 after acquiring an additional 3,760 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after acquiring an additional 4,000 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.