Relay Therapeutics (NASDAQ:RLAY) Hits New 52-Week Low - Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.77 and last traded at $3.81, with a volume of 4533737 shares. The stock had previously closed at $4.34.

Wall Street Analyst Weigh In

RLAY has been the topic of a number of recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Tuesday. Leerink Partners decreased their price target on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, December 4th. Finally, JMP Securities reissued a "market outperform" rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Relay Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $20.50.

Relay Therapeutics Stock Performance

The stock has a market capitalization of $720.57 million, a PE ratio of -1.65 and a beta of 1.60. The firm's 50 day moving average is $4.71 and its two-hundred day moving average is $6.28.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.77) by $0.14. The company's revenue was down 100.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.54) EPS. On average, analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other news, insider Peter Rahmer sold 32,156 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. This trade represents a 8.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of the business's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the sale, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 162,319 shares of company stock worth $781,067. 4.32% of the stock is currently owned by insiders.

Institutional Trading of Relay Therapeutics

A number of large investors have recently made changes to their positions in RLAY. Bellevue Group AG lifted its holdings in Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company's stock valued at $52,230,000 after purchasing an additional 1,000,069 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Relay Therapeutics by 39.2% in the third 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 during the last quarter. State Street Corp lifted its stake in shares of Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company's stock valued at $30,446,000 after buying an additional 51,810 shares during the period. Braidwell LP boosted its position in Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company's stock worth $24,776,000 after acquiring an additional 492,628 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company's stock worth $19,348,000 after acquiring an additional 367,473 shares during the period. Institutional investors and hedge funds 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.