Relay Therapeutics (NASDAQ:RLAY) Shares Down 2.5% – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) fell 2.5% on Tuesday . The stock traded as low as $4.17 and last traded at $4.23. 201,013 shares traded hands during trading, a decline of 87% from the average session volume of 1,565,180 shares. The stock had previously closed at $4.34.

Wall Street Analysts Forecast Growth

RLAY has been the topic of a number of research reports. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. Leerink Partners reduced their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. HC Wainwright lowered their price objective on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, December 4th. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Trading Down 2.5 %

The stock has a market capitalization of $708.03 million, a PE ratio of -1.62 and a beta of 1.59. The business’s 50 day moving average is $5.23 and its 200 day moving average is $6.55.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s revenue was down 100.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.54) EPS. As a group, analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the transaction, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This trade represents a 14.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,423 shares of company stock worth $551,043 in the last quarter. 4.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RLAY. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics during the 2nd quarter valued at $37,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Relay Therapeutics during the third quarter valued at $63,000. Portland Investment Counsel Inc. bought a new stake in shares of Relay Therapeutics in the third quarter valued at about $71,000. Values First Advisors Inc. purchased a new stake in Relay Therapeutics in the third quarter worth about $75,000. Finally, Point72 DIFC Ltd purchased a new stake in Relay Therapeutics in the third quarter worth about $134,000. Institutional investors 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.