Relay Therapeutics (NASDAQ:RLAY) Trading Down 3.2% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price traded down 3.2% during mid-day trading on Wednesday . The stock traded as low as $3.24 and last traded at $3.19. 238,413 shares were traded during trading, a decline of 87% from the average session volume of 1,796,697 shares. The stock had previously closed at $3.29.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. The Goldman Sachs Group cut their price target on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Stifel Nicolaus dropped their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a report on Friday, March 7th. Finally, Leerink Partners dropped their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Price Performance

The stock has a 50-day simple moving average of $4.01 and a 200-day simple moving average of $5.18. The stock has a market cap of $522.98 million, a P/E ratio of -1.19 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. As a group, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, 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 in the company, valued at approximately $1,218,569.70. The trade was a 12.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Peter Rahmer sold 16,576 shares of Relay Therapeutics stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the transaction, the insider now directly owns 308,754 shares in the company, valued at approximately $1,373,955.30. This represents a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 470,152 shares of company stock worth $1,991,157. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in RLAY. Norges Bank acquired a new position in shares of Relay Therapeutics in the fourth quarter worth approximately $23,821,000. Tang Capital Management LLC lifted its stake in 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 buying an additional 4,500,000 shares during the period. Eventide Asset Management LLC acquired a new position in Relay Therapeutics in the third quarter valued at approximately $18,989,000. Walleye Capital LLC lifted its stake in Relay Therapeutics by 6,659.2% in the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after buying an additional 1,793,057 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after buying an additional 1,554,115 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.