Relay Therapeutics (NASDAQ:RLAY) Hits New 1-Year Low After Analyst Downgrade

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) reached a new 52-week low during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $20.00 to $18.00. The Goldman Sachs Group currently has a buy rating on the stock. Relay Therapeutics traded as low as $3.25 and last traded at $3.65, with a volume of 325148 shares. The stock had previously closed at $3.75.

A number of other equities research analysts have also issued reports on the company. Stifel Nicolaus dropped their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners reduced their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Finally, HC Wainwright restated a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Tuesday, January 14th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.80.

Insider Activity 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 shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 17,250 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $4.42, for a total value of $76,245.00. Following the transaction, the insider now directly owns 402,431 shares in the company, valued at approximately $1,778,745.02. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 570,152 shares of company stock valued at $2,491,157 over the last three months. 4.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. Steward Partners Investment Advisory LLC grew its position in shares of Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after acquiring an additional 4,000 shares during the last quarter. Stifel Financial Corp purchased a new position in Relay Therapeutics during the 4th quarter worth $42,000. Twinbeech Capital LP acquired a new position in Relay Therapeutics in the fourth quarter valued at $42,000. Cibc World Markets Corp purchased a new stake in shares of Relay Therapeutics in the fourth quarter valued at about $47,000. Finally, Summit Investment Advisors Inc. boosted its stake in shares of Relay Therapeutics by 41.9% during the fourth 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 period. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Down 13.3 %

The stock has a market cap of $543.99 million, a PE ratio of -1.25 and a beta of 1.61. The stock has a fifty day moving average of $4.31 and a 200-day moving average of $5.54.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.12. Equities research analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

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.