Relay Therapeutics (NASDAQ:RLAY) Reaches New 1-Year Low – Here’s What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low on Wednesday . The stock traded as low as $4.23 and last traded at $4.25, with a volume of 1299927 shares trading hands. The stock had previously closed at $4.50.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RLAY. Barclays raised their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Leerink Partners decreased their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Finally, HC Wainwright reduced their target price on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Relay Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Performance

The firm has a 50 day moving average of $5.52 and a 200-day moving average of $6.67. The stock has a market capitalization of $703.01 million, a PE ratio of -1.61 and a beta of 1.59.

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

Insider Transactions 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 completion of the sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Exome Asset Management LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter valued at about $2,936,000. Franklin Resources Inc. increased its holdings in shares of Relay Therapeutics by 3,883.8% during the 3rd 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. Virtu Financial LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter valued at about $333,000. Barclays PLC increased its holdings in shares of Relay Therapeutics by 118.4% during the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock valued at $1,783,000 after acquiring an additional 136,541 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Relay Therapeutics by 15.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after acquiring an additional 367,473 shares during the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.