Relay Therapeutics (NASDAQ:RLAY) Trading Down 6% – Here’s What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) were down 6% during mid-day trading on Thursday . The stock traded as low as $4.65 and last traded at $4.63. Approximately 162,550 shares traded hands during trading, a decline of 95% from the average daily volume of 3,095,833 shares. The stock had previously closed at $4.92.

Wall Street Analysts Forecast Growth

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

Relay Therapeutics Price Performance

The stock’s fifty day simple moving average is $4.56 and its 200-day simple moving average is $6.21. The firm has a market cap of $810.45 million, a PE ratio of -1.86 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same period last year, the company posted ($0.54) EPS. Relay Therapeutics’s revenue was down 100.0% compared to the same quarter last year. Analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Activity

In other Relay Therapeutics news, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated 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 approximately $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter Rahmer sold 32,156 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. The trade was a 8.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 162,319 shares of company stock valued at $781,067 in the last quarter. 4.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC purchased a new stake in shares of Relay Therapeutics during the third quarter worth about $18,989,000. Walleye Capital LLC boosted its holdings in Relay Therapeutics by 6,659.2% in the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock worth $12,885,000 after buying an additional 1,793,057 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after buying an additional 1,554,115 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after acquiring an additional 1,361,779 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Relay Therapeutics in the third quarter valued at approximately $9,554,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.