Relay Therapeutics (NASDAQ:RLAY) Shares Down 6% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price fell 6% during trading on Thursday . The stock traded as low as $4.65 and last traded at $4.63. 162,550 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 3,095,833 shares. The stock had previously closed at $4.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RLAY shares. Leerink Partners dropped their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Performance

The firm’s 50-day moving average price is $4.56 and its two-hundred day moving average price is $6.21. The firm has a market cap of $810.45 million, a PE ratio of -1.86 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, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.54) earnings per share. As a group, sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sanjiv Patel sold 100,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $5.00, for a total value of $500,000.00. Following the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. The trade was a 14.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 162,319 shares of company stock valued at $781,067. 4.32% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics during the second quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth $63,000. Portland Investment Counsel Inc. purchased a new position in shares of Relay Therapeutics in the 3rd quarter valued at about $71,000. Values First Advisors Inc. acquired a new stake in shares of Relay Therapeutics in the third quarter valued at about $75,000. Finally, Point72 DIFC Ltd purchased a new stake in Relay Therapeutics during the third quarter worth about $134,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.