Relay Therapeutics (NASDAQ:RLAY) Shares Down 4.8% – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) traded down 4.8% during mid-day trading on Tuesday . The stock traded as low as $4.53 and last traded at $4.55. 111,174 shares were traded during mid-day trading, a decline of 96% from the average session volume of 2,951,053 shares. The stock had previously closed at $4.78.

Analyst Ratings Changes

RLAY has been the topic of a number of recent research reports. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Stifel Nicolaus reiterated a “buy” rating and set a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Tuesday. Finally, Leerink Partners decreased their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Performance

The firm has a market capitalization of $743.18 million, a price-to-earnings ratio of -1.70 and a beta of 1.60. The firm’s 50-day moving average price is $4.79 and its two-hundred day moving average price is $6.31.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same period in the prior 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. As a group, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, insider Peter Rahmer sold 16,576 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the sale, the insider now directly owns 308,754 shares of the company’s stock, valued at approximately $1,373,955.30. This trade represents a 5.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 162,319 shares of company stock valued at $781,067. 4.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in shares of Relay Therapeutics by 26.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock worth $7,333,000 after purchasing an additional 214,398 shares during the last quarter. Maven Securities LTD bought a new stake in Relay Therapeutics during the 3rd quarter valued at about $2,389,000. Geode Capital Management LLC boosted its position in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after buying an additional 367,473 shares during the period. JPMorgan Chase & Co. grew its stake in Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after acquiring an additional 1,554,115 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the period. Hedge funds and other 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.