Relay Therapeutics (NASDAQ:RLAY) Price Target Cut to $16.00 by Analysts at HC Wainwright

Relay Therapeutics (NASDAQ:RLAY) had its price objective lowered by HC Wainwright from $20.00 to $16.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group began coverage on Relay Therapeutics in a report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Bank of America boosted their target price on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Oppenheimer cut Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a report on Tuesday, September 17th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.78.

Relay Therapeutics Stock Performance

RLAY stock opened at $4.39 on Wednesday. The company has a market capitalization of $734.80 million, a P/E ratio of -1.68 and a beta of 1.59. Relay Therapeutics has a twelve month low of $4.36 and a twelve month high of $12.14. The business has a 50 day simple moving average of $5.90 and a 200-day simple moving average of $6.81.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business posted ($0.54) earnings per share. Research analysts predict that Relay Therapeutics will post -2.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of RLAY. Allspring Global Investments Holdings LLC raised its position in shares of Relay Therapeutics by 6.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after purchasing an additional 2,547 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics during the 2nd quarter worth approximately $37,000. Rhumbline Advisers raised its position in shares of Relay Therapeutics by 4.8% during the 2nd quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after purchasing an additional 7,508 shares during the last quarter. Victory Capital Management Inc. raised its position 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 purchasing an additional 7,680 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth approximately $63,000. 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.