Relay Therapeutics (NASDAQ:RLAY) Hits New 12-Month Low – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during trading on Tuesday . The stock traded as low as $4.11 and last traded at $4.16, with a volume of 181147 shares changing hands. The stock had previously closed at $4.18.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RLAY shares. Bank of America raised their price objective on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a report on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Barclays upped their price target on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut their price objective on 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 ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Price Performance

The firm’s 50 day moving average price is $5.00 and its 200-day moving average price is $6.44. The firm has a market cap of $689.62 million, a price-to-earnings ratio of -1.58 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results 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. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.54) earnings per share. Analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold a total of 113,587 shares of company stock valued at $573,856 in the last quarter. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after buying an additional 1,554,115 shares in the last quarter. Exome Asset Management LLC acquired a new stake in shares of Relay Therapeutics in the 3rd quarter valued at $2,936,000. Franklin Resources Inc. grew its holdings in shares of Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after purchasing an additional 1,361,779 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics during the 3rd quarter worth about $333,000. Finally, Barclays PLC increased its position in shares of Relay Therapeutics by 118.4% during the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock worth $1,783,000 after purchasing an additional 136,541 shares in the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

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.