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

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on RLAY shares. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. Barclays increased their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. reduced their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. The Goldman Sachs Group started coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price for the company. Finally, Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Stock Down 8.8 %

The company has a market capitalization of $683.51 million, a P/E ratio of -1.96 and a beta of 1.67. The company has a 50-day moving average of $6.71 and a two-hundred day moving average of $6.99.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The company’s revenue was down 100.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.54) EPS. As a group, equities analysts expect that Relay Therapeutics, Inc. will post -2.61 EPS for the current fiscal year.

Insider Buying and Selling

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 stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC bought a new position in shares of Relay Therapeutics during the second quarter valued at $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Relay Therapeutics during the 3rd quarter valued at about $63,000. Portland Investment Counsel Inc. bought a new stake in Relay Therapeutics during the 3rd quarter valued at about $71,000. Values First Advisors Inc. purchased a new position in Relay Therapeutics in the third quarter worth about $75,000. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Relay Therapeutics in the first quarter worth approximately $79,000. 96.98% of the stock is 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.