Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 5.4% - Time to Sell?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) traded down 5.4% during trading on Tuesday . The stock traded as low as $4.57 and last traded at $4.58. 183,197 shares changed hands during trading, a decline of 88% from the average session volume of 1,538,599 shares. The stock had previously closed at $4.84.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Bank of America boosted their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. HC Wainwright decreased their price target on Relay Therapeutics from $20.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, December 4th. Stifel Nicolaus reaffirmed a "buy" rating and set a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They set a "buy" rating and a $20.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price objective on Relay Therapeutics from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.50.

Relay Therapeutics Stock Down 7.0 %

The stock has a 50-day simple moving average of $5.52 and a 200 day simple moving average of $6.67. The company has a market cap of $753.22 million, a PE ratio of -1.72 and a beta of 1.59.

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

Insiders Place Their Bets

In related news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLAY. Bellevue Group AG raised its stake in shares of Relay Therapeutics by 15.7% in the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company's stock valued at $52,230,000 after acquiring an additional 1,000,069 shares in the last quarter. State Street Corp increased its holdings in Relay Therapeutics by 1.2% during the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company's stock worth $30,446,000 after purchasing an additional 51,810 shares during the period. Braidwell LP raised its position in Relay Therapeutics by 16.4% in the 3rd quarter. Braidwell LP now owns 3,499,427 shares of the company's stock valued at $24,776,000 after purchasing an additional 492,628 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company's stock valued at $19,348,000 after buying an additional 367,473 shares during the period. Finally, Eventide Asset Management LLC acquired a new position in shares of Relay Therapeutics during the third quarter worth about $18,989,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.