Relay Therapeutics (NASDAQ:RLAY) Trading Down 3.2% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price fell 3.2% on Wednesday . The company traded as low as $3.24 and last traded at $3.19. 238,413 shares were traded during trading, a decline of 87% from the average session volume of 1,796,697 shares. The stock had previously closed at $3.29.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RLAY. The Goldman Sachs Group lowered their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Leerink Partners lowered their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus decreased their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Stock Performance

The stock has a market cap of $522.98 million, a P/E ratio of -1.19 and a beta of 1.65. The business has a 50 day simple moving average of $4.01 and a 200-day simple moving average of $5.18.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. On average, sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Relay Therapeutics news, CEO Sanjiv Patel sold 75,324 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $3.70, for a total value of $278,698.80. Following the sale, the chief executive officer now owns 883,089 shares of the company’s stock, valued at $3,267,429.30. This trade represents a 7.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Peter Rahmer sold 16,576 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the sale, the insider now directly owns 308,754 shares in the company, valued at approximately $1,373,955.30. The trade was a 5.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 470,152 shares of company stock valued at $1,991,157. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently modified their holdings of the company. Martingale Asset Management L P increased its position in shares of Relay Therapeutics by 3.5% during the 4th quarter. Martingale Asset Management L P now owns 80,371 shares of the company’s stock valued at $331,000 after purchasing an additional 2,700 shares during the last quarter. Virtus ETF Advisers LLC grew its position in shares of Relay Therapeutics by 26.2% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock worth $61,000 after buying an additional 3,092 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Relay Therapeutics by 1.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company’s stock worth $902,000 after buying an additional 3,325 shares during the last quarter. Summit Investment Advisors Inc. grew its position in shares of Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after buying an additional 3,760 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in shares of Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after buying an additional 4,000 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors.

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.