Relay Therapeutics (NASDAQ:RLAY) Hits New 12-Month Low After Analyst Downgrade

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) hit 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 changing hands. The stock had previously closed at $3.75.

Several other equities analysts have also issued reports on the company. Leerink Partners cut their target price 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. HC Wainwright reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Stifel Nicolaus reduced their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday. Finally, JMP Securities restated a "market outperform" rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. 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 stock presently has an average rating of "Moderate Buy" and an average target price of $19.80.

Insider Transactions at Relay Therapeutics

In related news, insider Peter Rahmer sold 32,156 shares of Relay Therapeutics stock in a transaction dated Thursday, January 2nd. The stock was 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 owns 357,507 shares of the company's stock, valued at $1,483,654.05. The trade was a 8.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 140,182 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $539,700.70. Following the completion of the sale, the chief executive officer now owns 625,948 shares in the company, valued at approximately $2,409,899.80. This represents a 18.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 570,152 shares of company stock worth $2,491,157. Company insiders own 4.32% of the company's stock.

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Hedge Funds Weigh In On Relay Therapeutics

Institutional investors have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC increased its stake in shares of Relay Therapeutics by 160.0% in 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 period. Stifel Financial Corp acquired a new stake in Relay Therapeutics during the 4th quarter worth about $42,000. Twinbeech Capital LP purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at about $42,000. Cibc World Markets Corp purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at about $47,000. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock valued at $52,000 after buying an additional 3,760 shares during the period. 96.98% of the stock is owned by hedge funds and other institutional investors.

Relay Therapeutics Stock Down 6.2 %

The stock has a market cap of $535.63 million, a PE ratio of -1.23 and a beta of 1.61. The business has a 50 day moving average price of $4.29 and a 200 day moving average price of $5.51.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.12. On average, research analysts predict 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.