HC Wainwright Trims Relay Therapeutics (NASDAQ:RLAY) Target Price to $47.00

Relay Therapeutics (NASDAQ:RLAYGet Rating) had its price target reduced by HC Wainwright from $54.00 to $47.00 in a report published on Tuesday, The Fly reports.

RLAY has been the topic of several other reports. JMP Securities dropped their target price on Relay Therapeutics from $50.00 to $35.00 in a report on Monday, May 9th. Zacks Investment Research downgraded Relay Therapeutics from a buy rating to a hold rating in a report on Wednesday, May 4th. Finally, Berenberg Bank initiated coverage on Relay Therapeutics in a report on Tuesday, February 1st. They set a buy rating and a $45.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of Buy and a consensus price target of $43.43.

NASDAQ RLAY opened at $17.58 on Tuesday. Relay Therapeutics has a twelve month low of $14.37 and a twelve month high of $38.60. The firm has a market capitalization of $1.91 billion, a PE ratio of -4.45 and a beta of 1.73. The stock’s 50 day moving average is $26.73 and its 200 day moving average is $27.35.

Relay Therapeutics (NASDAQ:RLAYGet Rating) last released its quarterly earnings results on Thursday, May 5th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.06. Relay Therapeutics had a negative return on equity of 40.49% and a negative net margin of 15,373.96%. During the same quarter last year, the firm earned ($0.47) EPS. On average, research analysts predict that Relay Therapeutics will post -2.39 EPS for the current year.

In related news, insider Donald A. Bergstrom sold 18,000 shares of the company’s stock in a transaction on Friday, April 1st. The stock was sold at an average price of $30.32, for a total transaction of $545,760.00. Following the completion of the sale, the insider now owns 94,304 shares in the company, valued at $2,859,297.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjiv Patel sold 28,000 shares of the company’s stock in a transaction on Wednesday, April 13th. The shares were sold at an average price of $31.95, for a total value of $894,600.00. Following the sale, the chief executive officer now owns 253,740 shares of the company’s stock, valued at approximately $8,106,993. The disclosure for this sale can be found here. In the last quarter, insiders have sold 126,392 shares of company stock valued at $3,463,585. 4.43% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Relay Therapeutics by 136.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,367,312 shares of the company’s stock valued at $103,410,000 after buying an additional 1,940,330 shares during the last quarter. Boxer Capital LLC boosted its position in shares of Relay Therapeutics by 106.2% in the 4th quarter. Boxer Capital LLC now owns 2,669,132 shares of the company’s stock worth $81,969,000 after purchasing an additional 1,375,000 shares in the last quarter. Bellevue Group AG boosted its position in shares of Relay Therapeutics by 42.2% in the 3rd quarter. Bellevue Group AG now owns 3,755,962 shares of the company’s stock worth $118,426,000 after purchasing an additional 1,115,000 shares in the last quarter. Norges Bank acquired a new stake in Relay Therapeutics during the 4th quarter worth about $25,182,000. Finally, BlackRock Inc. lifted its position in Relay Therapeutics by 17.9% during the 3rd quarter. BlackRock Inc. now owns 5,352,612 shares of the company’s stock worth $168,768,000 after acquiring an additional 812,282 shares during the period.

About Relay Therapeutics (Get Rating)

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 RLY-1971, an oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 that is in Phase 1 trial in patients with advanced solid tumors.

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