Relay Therapeutics (NASDAQ:RLAY) Price Target Raised to $20.00

Relay Therapeutics (NASDAQ:RLAY) had its target price upped by equities research analysts at HC Wainwright from $19.00 to $20.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 222.58% from the stock’s current price.

Several other brokerages have also recently commented on RLAY. Bank of America boosted their target price on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research report on Monday, September 16th. Finally, Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. One 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 currently has an average rating of “Moderate Buy” and an average price target of $21.22.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $6.20 on Friday. Relay Therapeutics has a one year low of $5.60 and a one year high of $12.14. The stock’s fifty day moving average is $6.79 and its 200-day moving average is $7.00. The firm has a market capitalization of $830.12 million, a price-to-earnings ratio of -2.38 and a beta of 1.67.

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

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new position in shares of Relay Therapeutics during the second quarter valued at $37,000. Allspring Global Investments Holdings LLC purchased a new stake in Relay Therapeutics in the 1st quarter worth about $79,000. Virtu Financial LLC acquired a new stake in Relay Therapeutics during the 1st quarter worth about $87,000. Values First Advisors Inc. purchased a new position in Relay Therapeutics during the 3rd quarter valued at about $75,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Relay Therapeutics during the 1st quarter valued at about $127,000. 96.98% of the stock is 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.