Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 5.4% – Here’s Why

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

Wall Street Analysts Forecast Growth

RLAY has been the topic of several research reports. Stifel Nicolaus restated a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. 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. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Finally, Leerink Partners reduced their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Up 1.4 %

The stock has a market capitalization of $713.05 million, a price-to-earnings ratio of -1.63 and a beta of 1.59. The stock’s 50-day simple moving average is $5.48 and its 200 day simple moving average is $6.66.

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

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the transaction, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This represents a 14.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,423 shares of company stock worth $551,043. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new stake in Relay Therapeutics during the 2nd quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Relay Therapeutics in the 3rd quarter worth $63,000. Portland Investment Counsel Inc. acquired a new stake in shares of Relay Therapeutics during the third quarter worth $71,000. Values First Advisors Inc. bought a new stake in Relay Therapeutics in the third quarter valued at about $75,000. Finally, Point72 DIFC Ltd acquired a new position in Relay Therapeutics in the third quarter valued at about $134,000. Institutional investors own 96.98% of the company’s stock.

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.