Relay Therapeutics (NASDAQ:RLAY) Price Target Raised to $6.00 at Wells Fargo & Company

Relay Therapeutics (NASDAQ:RLAY) had its target price boosted by equities researchers at Wells Fargo & Company from $4.00 to $6.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 0.83% from the stock’s previous close.

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

Relay Therapeutics Trading Down 7.4%

NASDAQ RLAY traded down $0.48 during trading on Friday, hitting $6.05. 4,990,062 shares of the company’s stock were exchanged, compared to its average volume of 2,140,296. The company has a market cap of $1.04 billion, a PE ratio of -3.10 and a beta of 1.76. Relay Therapeutics has a fifty-two week low of $1.77 and a fifty-two week high of $7.64. The stock’s 50 day moving average price is $5.50 and its two-hundred day moving average price is $4.08.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). Analysts forecast 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 62,073 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $7.00, for a total value of $434,511.00. Following the completion of the sale, the chief executive officer directly owned 703,215 shares in the company, valued at approximately $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 21,664 shares of the company’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total transaction of $157,930.56. Following the transaction, the chief financial officer owned 313,631 shares in the company, valued at $2,286,369.99. This represents a 6.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 155,163 shares of company stock valued at $1,117,630 in the last ninety days. Insiders own 4.87% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of large investors have recently modified their holdings of the company. Murchinson Ltd. acquired a new stake in Relay Therapeutics in the 1st quarter valued at $26,000. DRW Securities LLC bought a new position in shares of Relay Therapeutics in the first quarter valued at $28,000. FNY Investment Advisers LLC grew its holdings in shares of Relay Therapeutics by 100.0% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $34,000 after buying an additional 5,000 shares during the last quarter. Quinn Opportunity Partners LLC bought a new stake in shares of Relay Therapeutics during the second quarter worth about $35,000. Finally, May Hill Capital LLC bought a new stake in shares of Relay Therapeutics during the second quarter worth about $38,000. 96.98% of the stock is currently 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.