Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 4.8% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price traded down 4.8% during mid-day trading on Tuesday . The company traded as low as $4.53 and last traded at $4.55. 111,174 shares changed hands during trading, a decline of 96% from the average session volume of 2,951,053 shares. The stock had previously closed at $4.78.

Analyst Ratings Changes

A number of equities analysts have commented on the company. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Leerink Partners dropped their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Price Performance

The business’s fifty day moving average price is $4.71 and its 200 day moving average price is $6.28. The stock has a market cap of $720.57 million, a P/E ratio of -1.65 and a beta of 1.60.

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

Insider Activity

In other news, insider Peter Rahmer sold 16,576 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $4.45, for a total transaction of $73,763.20. Following the sale, the insider now directly owns 308,754 shares in the company, valued at approximately $1,373,955.30. The trade was a 5.10 % 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, 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 transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 162,319 shares of company stock worth $781,067. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares during the period. Exome Asset Management LLC bought a new position in Relay Therapeutics during the 3rd quarter worth $2,936,000. Franklin Resources Inc. lifted its holdings in Relay Therapeutics by 3,883.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the period. Virtu Financial LLC bought a new stake in shares of Relay Therapeutics in the 3rd quarter valued at about $333,000. Finally, Barclays PLC grew its position in shares of Relay Therapeutics by 118.4% in the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock valued at $1,783,000 after buying an additional 136,541 shares during the last quarter. 96.98% of the stock is 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.