Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 4.3%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price fell 4.3% during mid-day trading on Friday . The company traded as low as $7.50 and last traded at $7.52. 374,174 shares were traded during trading, a decline of 74% from the average session volume of 1,428,023 shares. The stock had previously closed at $7.86.

Analyst Ratings Changes

Several brokerages have commented on RLAY. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the company from $10.60 to $16.00 in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.11.

Relay Therapeutics Trading Down 5.6 %

The company has a 50 day simple moving average of $7.60 and a 200 day simple moving average of $7.34. The stock has a market capitalization of $993.46 million, a PE ratio of -2.80 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the company earned ($0.81) EPS. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -2.86 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares in the company, valued at approximately $3,209,898.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the sale, the chief executive officer now owns 766,130 shares in the company, valued at approximately $6,948,799.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,738 shares of company stock valued at $715,499. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. American International Group Inc. boosted its position in Relay Therapeutics by 4.0% during the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after acquiring an additional 1,810 shares during the last quarter. Congress Asset Management Co. MA grew its position in shares of Relay Therapeutics by 1.4% in the first quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after purchasing an additional 2,108 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the period. ProShare Advisors LLC increased its stake in Relay Therapeutics by 14.9% in the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after purchasing an additional 3,394 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Relay Therapeutics by 7.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 54,917 shares of the company’s stock worth $456,000 after buying an additional 3,684 shares during the period. 96.98% of the stock is currently 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.