Relay Therapeutics (NASDAQ:RLAY) Sets New 1-Year Low Following Insider Selling

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $4.23 and last traded at $4.25, with a volume of 1299927 shares. The stock had previously closed at $4.50.

Specifically, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the sale, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at $2,872,740. This represents a 14.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays lifted their price target on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. cut their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. HC Wainwright decreased 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 note on Wednesday, December 4th. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group began coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Down 2.3 %

The company has a market capitalization of $696.31 million, a PE ratio of -1.59 and a beta of 1.59. The business has a 50 day simple moving average of $5.43 and a 200 day simple moving average of $6.64.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter last year, the business posted ($0.54) EPS. The business’s quarterly revenue was down 100.0% on a year-over-year basis. Equities analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC purchased a new position in Relay Therapeutics during the second quarter worth approximately $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth approximately $63,000. Portland Investment Counsel Inc. purchased a new position in shares of Relay Therapeutics during the 3rd quarter valued at approximately $71,000. Values First Advisors Inc. acquired a new stake in shares of Relay Therapeutics in the third quarter valued at about $75,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Relay Therapeutics in the third quarter worth approximately $134,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.