Relay Therapeutics (NASDAQ:RLAY) Shares Down 4% – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) traded down 4% on Wednesday . The stock traded as low as $5.93 and last traded at $6.00. 657,146 shares traded hands during trading, a decline of 54% from the average session volume of 1,441,418 shares. The stock had previously closed at $6.25.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group assumed coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Stifel Nicolaus reissued a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research report on Monday, September 16th. Barclays boosted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Bank of America boosted their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $21.11.

Relay Therapeutics Stock Performance

The firm has a market capitalization of $858.23 million, a PE ratio of -2.42 and a beta of 1.64. The company has a fifty day simple moving average of $7.13 and a two-hundred day simple moving average of $7.14.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the previous year, the firm earned ($0.81) EPS. On average, equities analysts anticipate that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the sale, the chief financial officer now directly owns 319,650 shares in the company, valued at $2,736,204. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the transaction, the chief financial officer now directly owns 319,650 shares of the company’s stock, valued at $2,736,204. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,717 shares of company stock worth $652,955 in the last three months. 4.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Relay Therapeutics during the 3rd quarter valued at about $390,000. Algert Global LLC raised its stake in shares of Relay Therapeutics by 57.9% in the second quarter. Algert Global LLC now owns 476,888 shares of the company’s stock worth $3,109,000 after purchasing an additional 174,953 shares during the last quarter. Driehaus Capital Management LLC raised its stake in shares of Relay Therapeutics by 54.9% in the second quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock worth $4,018,000 after purchasing an additional 218,302 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its stake in shares of Relay Therapeutics by 248.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 53,442 shares of the company’s stock worth $348,000 after purchasing an additional 38,117 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Relay Therapeutics by 404.2% in the second quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock worth $7,493,000 after purchasing an additional 921,271 shares during the last quarter. 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.