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

Stock analysts at Wells Fargo & Company assumed coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a note issued to investors 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 points to a potential upside of 53.26% from the stock’s previous close.

A number of other research firms have also weighed in on RLAY. The Goldman Sachs Group reduced their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a research note on Friday, March 7th. Finally, Stifel Nicolaus reduced their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research report 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.36.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock opened at $2.61 on Thursday. The firm has a market cap of $442.45 million, a PE ratio of -1.00 and a beta of 1.70. Relay Therapeutics has a 1 year low of $1.78 and a 1 year high of $10.72. The stock has a fifty day moving average price of $3.16 and a 200-day moving average price of $4.48.

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

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 36,036 shares of Relay Therapeutics stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total transaction of $166,846.68. Following the sale, the chief financial officer now owns 263,190 shares of the company’s stock, valued at approximately $1,218,569.70. The trade was a 12.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 75,324 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total value of $278,698.80. Following the completion of the transaction, the chief executive officer now directly owns 883,089 shares of the company’s stock, valued at $3,267,429.30. This represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 421,418 shares of company stock valued at $1,775,793 in the last 90 days. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Relay Therapeutics by 3.9% during the fourth 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 position in shares of Relay Therapeutics by 126.1% in the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company’s stock worth $33,240,000 after buying an additional 4,500,000 shares during the period. Norges Bank bought a new position in shares of Relay Therapeutics in the 4th quarter worth about $23,821,000. JPMorgan Chase & Co. lifted its position in Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after acquiring an additional 1,554,115 shares during the period. Finally, State Street Corp boosted its stake in Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after acquiring an additional 51,810 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other 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.