Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 4.8% - Here's What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s stock price traded down 4.8% during trading on Tuesday . The stock traded as low as $4.53 and last traded at $4.55. 111,174 shares changed hands during trading, a decline of 96% from the average session volume of 2,951,053 shares. The stock had previously closed at $4.78.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several recent research reports. JMP Securities reiterated a "market outperform" rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. HC Wainwright reissued a "buy" rating and set a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday. Finally, Leerink Partners lowered their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.50.

Relay Therapeutics Trading Down 9.2 %

The firm's 50 day simple moving average is $4.79 and its 200-day simple moving average is $6.31. The stock has a market capitalization of $726.44 million, a price-to-earnings ratio of -1.66 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.77) by $0.14. The firm's revenue for the quarter was down 100.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.54) earnings per share. As a group, equities research analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 574,548 shares of the company's stock, valued at $2,872,740. The trade was a 14.82 % 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, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,319 shares of company stock valued at $781,067. 4.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of RLAY. Bank of New York Mellon Corp boosted its holdings in Relay Therapeutics by 15.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company's stock valued at $2,312,000 after purchasing an additional 48,219 shares during the period. Rhumbline Advisers boosted its stake in shares of Relay Therapeutics by 4.8% in the second quarter. Rhumbline Advisers now owns 163,895 shares of the company's stock valued at $1,069,000 after buying an additional 7,508 shares during the period. Victory Capital Management Inc. grew its position in Relay Therapeutics by 11.2% during the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company's stock worth $499,000 after buying an additional 7,680 shares in the last quarter. American Century Companies Inc. increased its stake in Relay Therapeutics by 19.4% during the 2nd quarter. American Century Companies Inc. now owns 178,088 shares of the company's stock worth $1,161,000 after acquiring an additional 28,894 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Relay Therapeutics by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 909,037 shares of the company's stock valued at $5,927,000 after acquiring an additional 145,837 shares in the last quarter. 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.