Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 5.4% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) dropped 5.4% during mid-day trading on Tuesday . The stock traded as low as $4.57 and last traded at $4.58. Approximately 183,197 shares traded hands during trading, a decline of 88% from the average daily volume of 1,538,599 shares. The stock had previously closed at $4.84.

Analyst Ratings Changes

Several analysts recently commented on the stock. Barclays increased their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. dropped their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 price target on the stock. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Finally, HC Wainwright reduced their price target on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Price Performance

The firm has a market capitalization of $763.27 million, a P/E ratio of -1.76 and a beta of 1.59. The company has a fifty day moving average of $5.56 and a 200 day moving average of $6.69.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter in the previous year, the firm posted ($0.54) earnings per share. The business’s quarterly revenue was down 100.0% on a year-over-year basis. On average, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity

In other news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RLAY. Bellevue Group AG increased its holdings in shares of Relay Therapeutics by 15.7% during the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after purchasing an additional 1,000,069 shares during the period. State Street Corp lifted its stake in Relay Therapeutics by 1.2% in 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 in the last quarter. Braidwell LP raised its position in Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after acquiring an additional 492,628 shares in the last quarter. Geode Capital Management LLC raised its stake in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after purchasing an additional 367,473 shares in the last quarter. Finally, Eventide Asset Management LLC bought a new position in Relay Therapeutics in the 3rd quarter valued at approximately $18,989,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.