Relay Therapeutics (NASDAQ:RLAY) Trading Down 4.7%

Relay Therapeutics, Inc. (NASDAQ:RLAY) fell 4.7% during trading on Thursday . The stock traded as low as $6.65 and last traded at $6.70. 57,972 shares were traded during trading, a decline of 95% from the average session volume of 1,185,676 shares. The stock had previously closed at $7.03.

Analyst Upgrades and Downgrades

Several research firms have commented on RLAY. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price objective on shares of Relay Therapeutics in a report on Friday, June 7th. JMP Securities reaffirmed a “market outperform” rating and set a $24.00 price objective on shares of Relay Therapeutics in a report on Monday, May 6th. Barclays raised shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective on the stock in a report on Friday, May 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $22.80.

Relay Therapeutics Price Performance

The business’s fifty day moving average price is $6.79 and its 200-day moving average price is $8.63.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The firm had revenue of $10.01 million for the quarter, compared to the consensus estimate of $0.12 million. During the same period in the prior year, the firm posted ($0.78) earnings per share. The company’s revenue for the quarter was up 4327.9% on a year-over-year basis. As a group, research analysts predict that Relay Therapeutics, Inc. will post -2.81 EPS for the current year.

Insider Transactions at Relay Therapeutics

In related news, insider Peter Rahmer sold 20,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the transaction, the insider now directly owns 432,425 shares in the company, valued at $3,052,920.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 44,467 shares of company stock valued at $300,862. 4.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after purchasing an additional 1,165,282 shares during the last quarter. Bellevue Group AG increased its position in shares of Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares during the last quarter. BVF Inc. IL increased its position in shares of Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares during the last quarter. Norges Bank bought a new position in shares of Relay Therapeutics in the fourth quarter worth approximately $33,789,000. Finally, Finepoint Capital LP increased its position in shares of Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors.

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.