Relay Therapeutics (NASDAQ:RLAY) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a research note released on Thursday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $4.00 price objective on the stock.

A number of other research analysts have also recently issued reports on RLAY. Stifel Nicolaus decreased their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. Finally, The Goldman Sachs Group dropped their price target on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.36.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $2.69 on Thursday. The stock’s fifty day moving average price is $3.13 and its 200 day moving average price is $4.45. Relay Therapeutics has a 1-year low of $1.78 and a 1-year high of $10.72. The company has a market cap of $456.01 million, a price-to-earnings ratio of -1.03 and a beta of 1.70.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.12. As a group, equities research analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 20,791 shares of Relay Therapeutics stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $4.42, for a total value of $91,896.22. Following the completion of the transaction, the chief financial officer now owns 379,431 shares of the company’s stock, valued at approximately $1,677,085.02. The trade was a 5.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjiv Patel sold 125,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total transaction of $600,000.00. Following the sale, the chief executive officer now directly owns 324,548 shares in the company, valued at approximately $1,557,830.40. The trade was a 27.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 421,418 shares of company stock worth $1,775,793 over the last quarter. 4.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Relay Therapeutics by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company’s stock valued at $61,924,000 after purchasing an additional 566,595 shares during the period. Tang Capital Management LLC grew its stake in Relay Therapeutics by 126.1% in the 4th 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 purchased a new stake in Relay Therapeutics in the 4th quarter worth $23,821,000. JPMorgan Chase & Co. raised its position in 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 acquiring an additional 1,554,115 shares during the period. Finally, State Street Corp lifted its holdings in Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after purchasing an additional 51,810 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.