Relay Therapeutics (NASDAQ:RLAY) Trading Down 8.1% - What's Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) shares fell 8.1% during mid-day trading on Monday . The company traded as low as $3.21 and last traded at $3.14. 769,061 shares were traded during mid-day trading, a decline of 64% from the average session volume of 2,165,570 shares. The stock had previously closed at $3.41.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RLAY. HC Wainwright restated a "buy" rating and issued a $16.00 target price on shares of Relay Therapeutics in a report on Friday. The Goldman Sachs Group cut their price objective on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 27th. JMP Securities reiterated a "market outperform" rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Leerink Partners cut their price objective on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, December 4th. Finally, Stifel Nicolaus cut their price objective 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 research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.80.

Relay Therapeutics Stock Down 0.6 %

The stock has a market capitalization of $586.55 million, a price-to-earnings ratio of -1.33 and a beta of 1.65. The company's 50-day simple moving average is $4.19 and its 200 day simple moving average is $5.41.

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Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. On average, equities analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sanjiv Patel sold 125,000 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $4.80, for a total value of $600,000.00. Following the completion of the sale, the chief executive officer now owns 324,548 shares in the company, valued at approximately $1,557,830.40. This trade represents a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 32,156 shares of the stock in a transaction dated Thursday, January 2nd. The shares were 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 approximately $1,483,654.05. The trade was a 8.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 570,152 shares of company stock valued at $2,491,157. 4.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in the stock. Martingale Asset Management L P lifted its stake in shares of Relay Therapeutics by 3.5% in the fourth quarter. Martingale Asset Management L P now owns 80,371 shares of the company's stock valued at $331,000 after buying an additional 2,700 shares during the period. Virtus ETF Advisers LLC lifted its stake in Relay Therapeutics by 26.2% during the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock worth $61,000 after purchasing an additional 3,092 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Relay Therapeutics by 1.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company's stock worth $902,000 after purchasing an additional 3,325 shares during the period. Summit Investment Advisors Inc. lifted its stake in 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 purchasing an additional 3,760 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its stake in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock worth $27,000 after purchasing an additional 4,000 shares during the period. Institutional investors 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.