Relay Therapeutics (NASDAQ:RLAY) Shares Down 6.6% – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares traded down 6.6% on Friday . The company traded as low as $4.22 and last traded at $4.21. 411,204 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 2,475,879 shares. The stock had previously closed at $4.51.

Analyst Upgrades and Downgrades

RLAY has been the topic of several recent analyst reports. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Tuesday, January 14th. Finally, Leerink Partners lowered their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Price Performance

The business has a 50-day moving average of $4.51 and a 200 day moving average of $5.97. The company has a market capitalization of $706.36 million, a PE ratio of -1.62 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) 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. The company’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.54) EPS. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 20,791 shares of Relay Therapeutics stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $4.42, for a total transaction of $91,896.22. Following the completion of the transaction, the chief financial officer now directly owns 379,431 shares of the company’s stock, valued at $1,677,085.02. The trade was a 5.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief executive officer now directly owns 574,548 shares in the company, valued at approximately $2,872,740. This represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 354,646 shares of company stock valued at $1,672,757 in the last three months. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC lifted its stake in Relay Therapeutics by 160.0% in 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 last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Relay Therapeutics during the 3rd quarter valued at $63,000. Portland Investment Counsel Inc. bought a new position in Relay Therapeutics in the 3rd quarter valued at $71,000. E Fund Management Co. Ltd. grew its position in Relay Therapeutics by 52.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 17,654 shares of the company’s stock valued at $73,000 after acquiring an additional 6,104 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new stake in Relay Therapeutics in the third quarter worth $75,000. 96.98% of the stock is currently owned by 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.