Relay Therapeutics (NASDAQ:RLAY) Coverage Initiated by Analysts at Wells Fargo & Company

Stock analysts at Wells Fargo & Company began coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a report issued on Thursday,Benzinga reports. The firm set an “equal weight” rating and a $4.00 price target on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 53.26% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus cut their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group decreased their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.36.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $2.61 on Thursday. Relay Therapeutics has a 52-week low of $1.78 and a 52-week high of $10.72. The company has a market cap of $442.45 million, a P/E ratio of -1.00 and a beta of 1.70. The stock’s 50-day simple moving average is $3.16 and its 200 day simple moving average is $4.48.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12. As a group, equities analysts predict that Relay Therapeutics will post -2.55 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 140,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $539,700.70. Following the sale, the chief executive officer now directly owns 625,948 shares of the company’s stock, valued at $2,409,899.80. The trade was a 18.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 17,250 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $4.42, for a total transaction of $76,245.00. Following the completion of the transaction, the insider now owns 402,431 shares of the company’s stock, valued at approximately $1,778,745.02. This trade represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 421,418 shares of company stock valued at $1,775,793 in the last 90 days. 4.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Relay Therapeutics by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company’s stock valued at $61,924,000 after buying an additional 566,595 shares during the period. Tang Capital Management LLC grew its stake in Relay Therapeutics by 126.1% in the fourth quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company’s stock valued at $33,240,000 after acquiring an additional 4,500,000 shares during the period. Norges Bank bought a new stake in shares of Relay Therapeutics during the fourth quarter valued at approximately $23,821,000. JPMorgan Chase & Co. raised its position in shares of Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares during the period. Finally, State Street Corp lifted its holdings in shares of Relay Therapeutics by 1.2% in the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after purchasing an additional 51,810 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Company Profile

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.