HC Wainwright Reiterates 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 research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $16.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 319.95% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a report on Monday, September 16th. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, Leerink Partners cut their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $3.81 on Tuesday. Relay Therapeutics has a fifty-two week low of $3.77 and a fifty-two week high of $11.16. The stock’s 50-day moving average is $4.76 and its two-hundred day moving average is $6.29. The firm has a market cap of $637.73 million, a P/E ratio of -1.46 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. Relay Therapeutics’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period last year, the company posted ($0.54) earnings per share. As a group, research analysts expect that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 16,576 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the sale, the insider now directly owns 308,754 shares in the company, valued at $1,373,955.30. This trade represents a 5.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the transaction, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at $2,872,740. This represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,319 shares of company stock valued at $781,067 in the last 90 days. 4.32% of the stock is currently owned by insiders.

Institutional Trading of Relay Therapeutics

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC bought a new position in Relay Therapeutics in the second quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics in the 3rd quarter valued at $63,000. Portland Investment Counsel Inc. bought a new position in shares of Relay Therapeutics during the 3rd quarter worth about $71,000. Values First Advisors Inc. acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at about $75,000. Finally, Point72 DIFC Ltd bought a new stake in Relay Therapeutics in the third quarter valued at about $134,000. 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.