Relay Therapeutics (NASDAQ:RLAY) Hits New 1-Year Low After Analyst Downgrade

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price hit a new 52-week low during trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $20.00 to $18.00. The Goldman Sachs Group currently has a buy rating on the stock. Relay Therapeutics traded as low as $3.25 and last traded at $3.65, with a volume of 325148 shares changing hands. The stock had previously closed at $3.75.

RLAY has been the topic of several other research reports. Leerink Partners cut 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. Stifel Nicolaus cut their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday. 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. Finally, HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Tuesday, January 14th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.80.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 100,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the sale, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This trade represents a 14.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 32,156 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the transaction, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 570,152 shares of company stock valued at $2,491,157 over the last ninety days. 4.32% of the stock is owned by company insiders.

Institutional Trading of Relay Therapeutics

Institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its position 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 valued at $27,000 after acquiring an additional 4,000 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics during the third quarter worth $63,000. Portland Investment Counsel Inc. purchased a new stake in shares of Relay Therapeutics during the 3rd quarter valued at $71,000. Stifel Financial Corp acquired a new stake in shares of Relay Therapeutics in the 4th quarter worth $42,000. Finally, Twinbeech Capital LP purchased a new position in Relay Therapeutics during the 4th quarter worth $42,000. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Trading Down 13.3 %

The company has a 50-day moving average of $4.31 and a 200-day moving average of $5.54. The company has a market capitalization of $543.99 million, a price-to-earnings ratio of -1.25 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.12. On average, research analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

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.