Relay Therapeutics (NASDAQ:RLAY) Trading Down 5.9%

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares were down 5.9% during mid-day trading on Thursday . The company traded as low as $6.91 and last traded at $6.98. Approximately 324,725 shares changed hands during trading, a decline of 73% from the average daily volume of 1,198,280 shares. The stock had previously closed at $7.42.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. cut their price objective on Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. HC Wainwright decreased their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. JMP Securities lowered their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 18th. Oppenheimer cut their target price on shares of Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Barclays lowered their price target on Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $21.67.

Relay Therapeutics Trading Up 3.7 %

The company has a market cap of $964.01 million, a P/E ratio of -2.73 and a beta of 1.66. The company’s fifty day moving average is $7.36 and its 200 day moving average is $7.69.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the prior year, the firm earned ($0.81) EPS. Analysts anticipate that Relay Therapeutics, Inc. will post -2.91 EPS for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares in the company, valued at $3,209,898.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Relay Therapeutics news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Insiders have sold a total of 125,052 shares of company stock worth $988,396 in the last ninety days. 4.32% of the stock is owned by insiders.

Institutional Trading of Relay Therapeutics

Institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB raised its position in Relay Therapeutics by 5.7% during the 4th quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after purchasing an additional 1,600 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Relay Therapeutics by 3.2% during the fourth quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after acquiring an additional 1,127 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Relay Therapeutics by 1,766.8% during the fourth quarter. Russell Investments Group Ltd. now owns 114,488 shares of the company’s stock valued at $1,261,000 after acquiring an additional 108,355 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in Relay Therapeutics in the fourth quarter worth $126,000. Finally, M&T Bank Corp boosted its holdings in Relay Therapeutics by 18.0% in the fourth quarter. M&T Bank Corp now owns 54,285 shares of the company’s stock valued at $598,000 after acquiring an additional 8,272 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.