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

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares dropped 4.8% during mid-day trading on Friday . The stock traded as low as $5.32 and last traded at $5.33. Approximately 181,616 shares were traded during trading, a decline of 87% from the average daily volume of 1,438,840 shares. The stock had previously closed at $5.60.

Analysts Set New Price Targets

RLAY has been the topic of a number of recent analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Tuesday, September 17th. JPMorgan Chase & Co. dropped their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Finally, Barclays lifted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Trading Down 9.1 %

The firm has a fifty day simple moving average of $6.74 and a 200 day simple moving average of $7.00. The stock has a market cap of $681.50 million, a price-to-earnings ratio of -2.01 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. Relay Therapeutics’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.54) EPS. On average, equities analysts expect that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics in the second quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Relay Therapeutics during the 3rd quarter worth about $63,000. Portland Investment Counsel Inc. bought a new stake in Relay Therapeutics during the 3rd quarter worth about $71,000. Values First Advisors Inc. acquired a new stake in Relay Therapeutics in the 3rd quarter valued at about $75,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Relay Therapeutics in the 1st quarter valued at about $79,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.