Relay Therapeutics (NASDAQ:RLAY) Shares Down 6.7% - Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) fell 6.7% on Thursday . The company traded as low as $3.42 and last traded at $3.42. 2,434,788 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 2,246,512 shares. The stock had previously closed at $3.66.

Analyst Upgrades and Downgrades

RLAY has been the subject of several analyst reports. HC Wainwright restated a "buy" rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. 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. JMP Securities restated a "market outperform" rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. The Goldman Sachs Group cut their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, Leerink Partners dropped their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.80.

Relay Therapeutics Price Performance

The stock has a market cap of $597.57 million, a P/E ratio of -1.34 and a beta of 1.65. The business's fifty day moving average price is $4.12 and its 200 day moving average price is $5.25.

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

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 32,156 shares of the company's stock in a transaction 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 transaction, the insider now owns 357,507 shares in the company, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas Catinazzo sold 36,036 shares of the business's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total transaction of $166,846.68. Following the sale, the chief financial officer now directly owns 263,190 shares of the company's stock, valued at approximately $1,218,569.70. The trade was a 12.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,152 shares of company stock worth $1,991,157. Company insiders own 4.32% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of RLAY. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Relay Therapeutics by 4.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 232,582 shares of the company's stock worth $958,000 after acquiring an additional 9,293 shares in the last quarter. Squarepoint Ops LLC increased its stake in Relay Therapeutics by 535.9% in the 4th quarter. Squarepoint Ops LLC now owns 162,588 shares of the company's stock valued at $670,000 after buying an additional 137,020 shares during the last quarter. Twinbeech Capital LP bought a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $42,000. Two Sigma Advisers LP boosted its stake in shares of Relay Therapeutics by 4.0% in the 4th quarter. Two Sigma Advisers LP now owns 638,900 shares of the company's stock worth $2,632,000 after buying an additional 24,700 shares during the last quarter. Finally, Tang Capital Management LLC grew its holdings in shares of Relay Therapeutics by 126.1% in the fourth quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company's stock valued at $33,240,000 after acquiring an additional 4,500,000 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.