Relay Therapeutics (NASDAQ:RLAY) Sets New 1-Year Low After Analyst Downgrade

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares reached a new 52-week low during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $20.00 to $18.00. The Goldman Sachs Group currently has a buy rating on the stock. Relay Therapeutics traded as low as $3.25 and last traded at $3.65, with a volume of 325148 shares. The stock had previously closed at $3.75.

Other equities analysts have also recently issued reports about the company. Leerink Partners cut their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Tuesday, January 14th. Finally, Stifel Nicolaus lowered their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 36,036 shares of the company’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 transaction, the chief financial officer now owns 263,190 shares of the company’s stock, valued at $1,218,569.70. This represents a 12.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjiv Patel sold 75,324 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $3.70, for a total value of $278,698.80. Following the transaction, the chief executive officer now directly owns 883,089 shares of the company’s stock, valued at $3,267,429.30. The trade was a 7.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 570,152 shares of company stock valued at $2,491,157 in the last 90 days. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RLAY. Steward Partners Investment Advisory LLC raised its position in Relay Therapeutics by 160.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after purchasing an additional 4,000 shares during the last quarter. Stifel Financial Corp purchased a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $42,000. Twinbeech Capital LP purchased a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $42,000. Cibc World Markets Corp purchased a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $47,000. Finally, Summit Investment Advisors Inc. grew its holdings in shares of Relay Therapeutics by 41.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after acquiring an additional 3,760 shares during the period. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Trading Up 4.9 %

The business has a fifty day simple moving average of $4.29 and a two-hundred day simple moving average of $5.52. The stock has a market cap of $570.78 million, a PE ratio of -1.31 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.12. On average, research analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

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.