Relay Therapeutics (NASDAQ:RLAY) Sets New 52-Week Low – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.99 and last traded at $3.00, with a volume of 222874 shares changing hands. The stock had previously closed at $3.10.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. HC Wainwright reissued a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus decreased their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th. Leerink Partners reduced their price objective 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. Finally, The Goldman Sachs Group dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Stock Down 3.7 %

The firm has a market capitalization of $506.02 million, a price-to-earnings ratio of -1.14 and a beta of 1.65. The company’s 50 day moving average is $3.95 and its 200 day moving average is $5.11.

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

Insiders Place Their Bets

In other news, CEO Sanjiv Patel sold 125,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total transaction of $600,000.00. Following the completion of the transaction, the chief executive officer now owns 324,548 shares of the company’s stock, valued at approximately $1,557,830.40. The trade was a 27.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of the company’s stock in a transaction 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 sale, the insider now owns 308,754 shares of the company’s stock, 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. Insiders have sold a total of 470,152 shares of company stock worth $1,991,157 in the last 90 days. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RLAY. Charles Schwab Investment Management Inc. grew its holdings in shares of Relay Therapeutics by 26.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after purchasing an additional 214,398 shares during the last quarter. Maven Securities LTD acquired a new stake in Relay Therapeutics in the third quarter valued at approximately $2,389,000. Geode Capital Management LLC grew its stake in shares of Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after buying an additional 367,473 shares during the last quarter. JPMorgan Chase & Co. increased 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 buying an additional 1,554,115 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Relay Therapeutics by 3,883.8% during the third 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 in the last quarter. 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.