Relay Therapeutics (NASDAQ:RLAY) Reaches New 52-Week Low – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during trading on Friday . The company traded as low as $4.00 and last traded at $4.40, with a volume of 8699373 shares trading hands. The stock had previously closed at $4.83.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. HC Wainwright dropped their price objective on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, December 4th. Leerink Partners cut their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research report on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Price Performance

The firm’s 50 day moving average is $4.84 and its 200 day moving average is $6.34. The company has a market capitalization of $704.68 million, a PE ratio of -1.61 and a beta of 1.60.

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

Insider Activity at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 100,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the transaction, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 6,802 shares of the firm’s 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 transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,319 shares of company stock valued at $781,067 over the last ninety days. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Bellevue Group AG lifted its position in shares of Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock worth $52,230,000 after purchasing an additional 1,000,069 shares during the period. JPMorgan Chase & Co. raised its position in shares of Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after purchasing an additional 1,554,115 shares during the last quarter. State Street Corp grew its holdings in shares of Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after buying an additional 51,810 shares during the last quarter. Braidwell LP increased its holdings in shares of Relay Therapeutics by 16.4% in the third 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 during the period. Finally, Geode Capital Management LLC raised its position in Relay Therapeutics by 15.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after buying an additional 367,473 shares during the last quarter. 96.98% of the stock is 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.