Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 3.4%

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s share price traded down 3.4% during trading on Wednesday . The stock traded as low as $6.45 and last traded at $6.51. 41,707 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 1,205,469 shares. The stock had previously closed at $6.74.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $25.00 price objective (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday, May 6th. HC Wainwright reissued a "buy" rating and set a $20.00 price target on shares of Relay Therapeutics in a research report on Friday, June 7th. Barclays raised Relay Therapeutics from an "equal weight" rating to an "overweight" rating and set a $15.00 price objective on the stock in a research report on Friday, May 10th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $24.00 price objective on shares of Relay Therapeutics in a research report on Monday, May 6th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $22.80.

Relay Therapeutics Stock Down 7.1 %

The business has a 50 day simple moving average of $6.79 and a 200 day simple moving average of $8.60. The company has a market capitalization of $830.95 million, a PE ratio of -2.37 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative return on equity of 42.66% and a negative net margin of 1,263.49%. The firm had revenue of $10.01 million during the quarter, compared to analysts' expectations of $0.12 million. During the same period last year, the business posted ($0.78) earnings per share. The company's revenue for the quarter was up 4327.9% compared to the same quarter last year. Equities analysts expect that Relay Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, insider Peter Rahmer sold 20,450 shares of the firm's stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the transaction, the insider now directly owns 432,425 shares in the company, valued at $3,052,920.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 43,354 shares of company stock worth $292,292 over the last three months. 4.32% of the stock is currently owned by insiders.

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund grew its holdings in Relay Therapeutics by 3.2% in the fourth quarter. New York State Common Retirement Fund now owns 36,678 shares of the company's stock valued at $404,000 after purchasing an additional 1,127 shares during the period. Handelsbanken Fonder AB lifted its position in Relay Therapeutics by 5.7% during the fourth quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company's stock worth $325,000 after buying an additional 1,600 shares in the last quarter. American International Group Inc. raised its position in Relay Therapeutics by 4.0% in the first quarter. American International Group Inc. now owns 46,686 shares of the company's stock valued at $387,000 after purchasing an additional 1,810 shares during the period. Swiss National Bank raised its position in Relay Therapeutics by 1.2% in the third quarter. Swiss National Bank now owns 173,800 shares of the company's stock valued at $1,462,000 after purchasing an additional 2,000 shares during the period. Finally, Congress Asset Management Co. MA raised its position in Relay Therapeutics by 1.4% in the first quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company's stock valued at $1,237,000 after purchasing an additional 2,108 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.