Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 4.3%

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares dropped 4.3% during mid-day trading on Friday . The stock traded as low as $7.50 and last traded at $7.52. Approximately 374,174 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,428,023 shares. The stock had previously closed at $7.86.

Analysts Set New Price Targets

Several research analysts have recently commented on RLAY shares. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday. JPMorgan Chase & Co. reduced their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Finally, Bank of America upped their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.11.

Relay Therapeutics Price Performance

The stock has a fifty day simple moving average of $7.60 and a 200-day simple moving average of $7.34. The company has a market capitalization of $993.46 million, a price-to-earnings ratio of -2.80 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the previous year, the business earned ($0.81) earnings per share. As a group, equities analysts expect that Relay Therapeutics, Inc. will post -2.86 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares in the company, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,738 shares of company stock valued at $715,499. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. acquired a new stake in Relay Therapeutics in the 4th quarter valued at approximately $126,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Relay Therapeutics by 22.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 877,813 shares of the company’s stock valued at $9,665,000 after buying an additional 163,008 shares during the period. Norges Bank purchased a new stake in shares of Relay Therapeutics in the 4th quarter valued at $33,789,000. Dynamic Technology Lab Private Ltd lifted its stake in Relay Therapeutics by 41.8% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 20,763 shares of the company’s stock worth $228,000 after acquiring an additional 6,125 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in Relay Therapeutics during the 4th quarter valued at about $147,000. 96.98% of the stock is owned by hedge funds and other 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.