Relay Therapeutics (NASDAQ:RLAY) Sets New 12-Month Low on Insider Selling

Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $5.70 and last traded at $5.71, with a volume of 1026389 shares changing hands. The stock had previously closed at $5.90.

Specifically, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

RLAY has been the subject of a number of research reports. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Bank of America boosted their price target on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, September 17th. HC Wainwright reiterated a “buy” rating and set a $19.00 price target on shares of Relay Therapeutics in a research note on Monday, October 14th. Finally, The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.11.

Relay Therapeutics Trading Down 3.2 %

The stock’s 50 day moving average is $6.93 and its 200-day moving average is $7.03. The company has a market cap of $764.51 million, a P/E ratio of -2.27 and a beta of 1.64.

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

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. raised its position in shares of Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after buying an additional 65,484 shares in the last quarter. Logos Global Management LP bought a new stake in Relay Therapeutics during the 2nd quarter valued at about $8,476,000. Allspring Global Investments Holdings LLC bought a new position in shares of Relay Therapeutics during the 1st quarter worth $79,000. Los Angeles Capital Management LLC increased its holdings in Relay Therapeutics by 661.7% during the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock valued at $692,000 after buying an additional 92,230 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Relay Therapeutics by 19.1% in the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock worth $5,927,000 after purchasing an additional 145,837 shares in the last quarter. Institutional investors own 96.98% of the company’s stock.

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.