Relay Therapeutics (NASDAQ:RLAY) Shares Down 5.4% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares fell 5.4% on Tuesday . The stock traded as low as $4.57 and last traded at $4.58. 183,197 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,538,599 shares. The stock had previously closed at $4.84.

Analyst Ratings Changes

A number of analysts recently issued reports on RLAY shares. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Barclays lifted their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective on the stock. Leerink Partners reduced their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Finally, Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock Performance

The stock has a market cap of $763.27 million, a PE ratio of -1.76 and a beta of 1.59. The stock has a fifty day simple moving average of $5.56 and a two-hundred day simple moving average of $6.69.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same period last year, the business posted ($0.54) earnings per share. On average, equities analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in Relay Therapeutics by 15.7% during the second quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock worth $2,312,000 after purchasing an additional 48,219 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Relay Therapeutics by 304.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 38,656 shares of the company’s stock worth $252,000 after acquiring an additional 29,087 shares in the last quarter. Rhumbline Advisers grew its position in Relay Therapeutics by 4.8% during the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after buying an additional 7,508 shares during the period. Victory Capital Management Inc. raised its stake in Relay Therapeutics by 11.2% in the 2nd quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock valued at $499,000 after acquiring an additional 7,680 shares during the period. Finally, Candriam S.C.A. grew its holdings in Relay Therapeutics by 38.4% during the 2nd quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock valued at $4,586,000 after buying an additional 195,000 shares in the last quarter. 96.98% of the stock is currently 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.