Relay Therapeutics (NASDAQ:RLAY) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Relay Therapeutics (NASDAQ:RLAY) had its price objective hoisted by analysts at Wells Fargo & Company from $4.00 to $6.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 0.83% from the company’s previous close.

A number of other equities analysts have also commented on RLAY. Raymond James Financial cut their price target on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a report on Friday, August 8th. HC Wainwright cut their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a report on Tuesday, October 14th. Finally, Guggenheim began coverage on shares of Relay Therapeutics in a report on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.75.

Relay Therapeutics Stock Performance

NASDAQ:RLAY traded down $0.48 on Friday, hitting $6.05. The stock had a trading volume of 4,990,062 shares, compared to its average volume of 2,140,296. Relay Therapeutics has a 1 year low of $1.77 and a 1 year high of $7.64. The firm’s fifty day simple moving average is $5.50 and its two-hundred day simple moving average is $4.08. The stock has a market cap of $1.04 billion, a P/E ratio of -3.10 and a beta of 1.76.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.04). Equities research analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 21,664 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total value of $157,930.56. Following the completion of the sale, the chief financial officer directly owned 313,631 shares in the company, valued at approximately $2,286,369.99. The trade was a 6.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald A. Bergstrom sold 30,897 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total transaction of $225,239.13. Following the completion of the sale, the insider directly owned 521,823 shares of the company’s stock, valued at $3,804,089.67. This trade represents a 5.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 155,163 shares of company stock valued at $1,117,630 in the last ninety days. 4.87% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Murchinson Ltd. purchased a new stake in Relay Therapeutics during the first quarter valued at about $26,000. DRW Securities LLC bought a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $28,000. FNY Investment Advisers LLC lifted its stake in shares of Relay Therapeutics by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $34,000 after acquiring an additional 5,000 shares during the last quarter. Quinn Opportunity Partners LLC purchased a new stake in Relay Therapeutics during the 2nd quarter valued at about $35,000. Finally, May Hill Capital LLC bought a new position in Relay Therapeutics during the 2nd quarter worth approximately $38,000. 96.98% of the stock is owned by institutional investors.

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.