Relay Therapeutics (NASDAQ:RLAY) Trading Down 4.7% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares traded down 4.7% during trading on Tuesday . The company traded as low as $4.63 and last traded at $4.63. 79,753 shares were traded during trading, a decline of 95% from the average session volume of 1,458,827 shares. The stock had previously closed at $4.86.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Barclays raised their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. HC Wainwright boosted their target price on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. Stifel Nicolaus restated a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Trading Up 0.8 %

The stock has a market capitalization of $803.44 million, a P/E ratio of -1.84 and a beta of 1.67. The company has a fifty day simple moving average of $6.18 and a two-hundred day simple moving average of $6.88.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same period last year, the company posted ($0.54) earnings per share. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, analysts forecast that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently modified their holdings of the business. First Turn Management LLC acquired a new position in shares of Relay Therapeutics in the 3rd quarter valued at approximately $8,683,000. Logos Global Management LP acquired a new position in shares of Relay Therapeutics in the second quarter valued at approximately $8,476,000. Los Angeles Capital Management LLC increased its position in shares of Relay Therapeutics by 661.7% during the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock worth $692,000 after acquiring an additional 92,230 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Relay Therapeutics by 19.1% during the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock worth $5,927,000 after acquiring an additional 145,837 shares during the period. Finally, Driehaus Capital Management LLC lifted its position in Relay Therapeutics by 54.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock valued at $4,018,000 after acquiring an additional 218,302 shares in the last quarter. 96.98% of the stock is currently owned by 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.