Relay Therapeutics (NASDAQ:RLAY) Shares Down 3.2% - What's Next?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) traded down 3.2% on Wednesday . The stock traded as low as $3.24 and last traded at $3.19. 238,413 shares were traded during trading, a decline of 87% from the average session volume of 1,796,697 shares. The stock had previously closed at $3.29.

Analyst Upgrades and Downgrades

RLAY has been the topic of a number of research reports. HC Wainwright reissued a "buy" rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus reduced their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. JMP Securities restated a "market outperform" rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. The Goldman Sachs Group decreased their price target 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, 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 research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.80.

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Relay Therapeutics Stock Performance

The firm has a market cap of $518.74 million, a price-to-earnings ratio of -1.17 and a beta of 1.65. The business has a fifty day simple moving average of $3.98 and a 200-day simple moving average of $5.14.

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 (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.12. On average, equities analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Buying and Selling at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 125,000 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total value of $600,000.00. Following the transaction, the chief executive officer now directly owns 324,548 shares of the company's stock, valued at $1,557,830.40. The trade was a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Rahmer sold 32,156 shares of the 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 sale, the insider now directly owns 357,507 shares of the company's stock, valued at $1,483,654.05. This represents a 8.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 470,152 shares of company stock worth $1,991,157. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RLAY. Thrivent Financial for Lutherans raised its stake in Relay Therapeutics by 33.7% during the third quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company's stock worth $1,137,000 after buying an additional 40,447 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Relay Therapeutics in the 3rd quarter worth about $256,000. Charles Schwab Investment Management Inc. raised its position 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 acquiring an additional 214,398 shares in the last quarter. Algert Global LLC lifted its stake in shares of Relay Therapeutics by 7.6% in the 3rd quarter. Algert Global LLC now owns 513,277 shares of the company's stock valued at $3,634,000 after purchasing an additional 36,389 shares during the period. Finally, FMR LLC boosted its position in shares of Relay Therapeutics by 27.4% during the 3rd quarter. FMR LLC now owns 89,772 shares of the company's stock valued at $636,000 after purchasing an additional 19,296 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company's stock.

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.