Relay Therapeutics (NASDAQ:RLAY) Shares Down 5.5%

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) traded down 5.5% during trading on Monday . The company traded as low as $6.98 and last traded at $7.05. 613,498 shares changed hands during trading, a decline of 58% from the average session volume of 1,443,973 shares. The stock had previously closed at $7.46.

Analysts Set New Price Targets

RLAY has been the subject of several research reports. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. JPMorgan Chase & Co. reduced their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Finally, HC Wainwright increased their target price on Relay Therapeutics from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.11.

Relay Therapeutics Price Performance

The stock has a market cap of $947.94 million, a PE ratio of -2.73 and a beta of 1.64. The company has a 50 day moving average price of $7.45 and a two-hundred day moving average price of $7.21.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the previous year, the business posted ($0.81) earnings per share. As a group, equities analysts predict that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares in the company, valued at $3,209,898.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Thomas Catinazzo sold 10,780 shares of Relay Therapeutics stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.56, for a total transaction of $92,276.80. Following the transaction, the chief financial officer now owns 319,650 shares in the company, valued at approximately $2,736,204. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The disclosure for this sale can be found here. Insiders have sold 74,717 shares of company stock valued at $652,955 in the last ninety days. 4.32% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

Hedge funds have recently bought and sold shares of the stock. NEOS Investment Management LLC purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at about $243,000. Rhenman & Partners Asset Management AB lifted its holdings in Relay Therapeutics by 105.3% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 390,000 shares of the company’s stock valued at $4,294,000 after purchasing an additional 200,000 shares in the last quarter. Affinity Asset Advisors LLC bought a new position in shares of Relay Therapeutics in the fourth quarter worth approximately $3,303,000. Bellevue Group AG increased its stake in shares of Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares in the last quarter. Finally, Pennant Investors LP bought a new stake in shares of Relay Therapeutics during the 4th quarter valued at $467,000. 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.