Relay Therapeutics (NASDAQ:RLAY) Sets New 1-Year Low - Here's Why

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $3.02 and last traded at $3.19, with a volume of 2642479 shares. The stock had previously closed at $3.20.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners dropped their price objective on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, December 4th. Stifel Nicolaus dropped their price objective on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday. Finally, The Goldman Sachs Group lowered their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.80.

Relay Therapeutics Price Performance

The company has a 50 day moving average of $4.19 and a two-hundred day moving average of $5.39. The company has a market capitalization of $586.55 million, a PE ratio of -1.33 and a beta of 1.65.

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Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.57) by $0.12. On average, equities analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling

In related news, CEO Sanjiv Patel sold 75,324 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $3.70, for a total transaction of $278,698.80. Following the sale, the chief executive officer now directly owns 883,089 shares in the company, valued at approximately $3,267,429.30. This represents a 7.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Rahmer sold 32,156 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total value of $133,447.40. Following the transaction, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. The trade was a 8.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 570,152 shares of company stock valued at $2,491,157 over the last ninety days. Company insiders own 4.32% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans increased its holdings in shares of Relay Therapeutics by 33.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company's stock valued at $1,137,000 after acquiring an additional 40,447 shares during the last quarter. First Turn Management LLC bought a new position in Relay Therapeutics during the 3rd quarter valued at $8,683,000. Intech Investment Management LLC acquired a new position in Relay Therapeutics during the third quarter worth about $256,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Relay Therapeutics by 26.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company's stock worth $7,333,000 after purchasing an additional 214,398 shares in the last quarter. Finally, Valence8 US LP acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at $185,000. Hedge funds and other 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.