Relay Therapeutics (NASDAQ:RLAY) Shares Down 4.7% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares were down 4.7% during mid-day trading on Tuesday . The stock traded as low as $4.63 and last traded at $4.63. Approximately 79,753 shares traded hands during trading, a decline of 95% from the average daily volume of 1,458,827 shares. The stock had previously closed at $4.86.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RLAY shares. HC Wainwright upped their price target on Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Stifel Nicolaus reiterated a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a report on Monday, September 16th. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Relay Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $21.22.

Relay Therapeutics Price Performance

The company has a market cap of $803.42 million, a price-to-earnings ratio of -1.86 and a beta of 1.67. The stock has a 50-day moving average price of $6.29 and a 200 day moving average price of $6.91.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly 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. During the same period last year, the company posted ($0.54) EPS. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. Sell-side analysts expect that Relay Therapeutics, Inc. will post -2.61 EPS for the current fiscal year.

Insider Activity

In related news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value 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 trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in RLAY. EverSource Wealth Advisors LLC purchased a new stake in Relay Therapeutics in the second quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Relay Therapeutics during the 3rd quarter valued at about $63,000. Portland Investment Counsel Inc. purchased a new stake in Relay Therapeutics during the third quarter valued at $71,000. Values First Advisors Inc. bought a new stake in shares of Relay Therapeutics during the 3rd quarter valued at $75,000. Finally, Virtu Financial LLC purchased a new position in Relay Therapeutics during the first quarter valued at approximately $87,000. 96.98% of the stock is 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.