Relay Therapeutics (NASDAQ:RLAY) Reaches New 12-Month Low - Here's What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The company traded as low as $2.99 and last traded at $3.00, with a volume of 222874 shares changing hands. The stock had previously closed at $3.10.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners reduced their price target on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, December 4th. HC Wainwright reiterated a "buy" rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. The Goldman Sachs Group dropped their target price on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, Stifel Nicolaus lowered their price target on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, February 27th. One investment 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, Relay Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.80.

Relay Therapeutics Stock Performance

The company has a market cap of $461.10 million, a price-to-earnings ratio of -1.04 and a beta of 1.65. The company's fifty day moving average is $3.84 and its two-hundred day moving average is $5.01.

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Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released 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. On average, sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 140,182 shares of the firm'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 transaction of $539,700.70. Following the sale, the chief executive officer now owns 625,948 shares of the company's stock, valued at $2,409,899.80. This trade represents a 18.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Peter Rahmer sold 16,576 shares of Relay Therapeutics stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.45, for a total transaction of $73,763.20. Following the completion of the sale, the insider now owns 308,754 shares in the company, valued at approximately $1,373,955.30. This trade represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 464,988 shares of company stock worth $1,968,344. Insiders own 4.32% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC raised its holdings 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 valued at $27,000 after acquiring an additional 4,000 shares during the last quarter. Stifel Financial Corp acquired a new position in Relay Therapeutics in the 4th quarter valued at $42,000. Twinbeech Capital LP purchased a new position in Relay Therapeutics in the 4th quarter valued at $42,000. Cibc World Markets Corp acquired a new stake in Relay Therapeutics during the 4th quarter worth $47,000. Finally, Summit Investment Advisors Inc. grew its holdings 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 in the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.