Relay Therapeutics (NASDAQ:RLAY) Shares Gap Down – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $4.01, but opened at $3.85. Relay Therapeutics shares last traded at $3.94, with a volume of 286,603 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RLAY. Leerink Partners reduced their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Price Performance

The firm has a market cap of $630.20 million, a P/E ratio of -1.44 and a beta of 1.61. The firm has a fifty day simple moving average of $4.48 and a 200-day simple moving average of $5.86.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 36,036 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total transaction of $166,846.68. Following the completion of the sale, the chief financial officer now directly owns 263,190 shares of the company’s stock, valued at approximately $1,218,569.70. The trade was a 12.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 354,646 shares of company stock valued at $1,672,757. 4.32% of the stock is owned by company insiders.

Institutional Trading of Relay Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bellevue Group AG increased its stake in Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after buying an additional 1,000,069 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after acquiring an additional 1,554,115 shares in the last quarter. State Street Corp increased its position in shares of Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after acquiring an additional 51,810 shares during the last quarter. Braidwell LP lifted its holdings in Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after acquiring an additional 492,628 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after acquiring an additional 367,473 shares during the period. Hedge funds and other institutional investors own 96.98% of the company’s stock.

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.