Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 8.8% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY) traded down 8.8% during trading on Wednesday . The stock traded as low as $17.79 and last traded at $17.65. 479,057 shares changed hands during trading, a decline of 85% from the average session volume of 3,190,783 shares. The stock had previously closed at $19.35.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RLAY shares. Zacks Research raised Relay Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Canaccord Genuity Group initiated coverage on shares of Relay Therapeutics in a research note on Thursday, July 16th. They issued a “buy” rating and a $29.00 target price for the company. Citizens Jmp increased their target price on shares of Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a report on Monday, August 10th. Citigroup restated a “market outperform” rating on shares of Relay Therapeutics in a report on Monday, August 10th. Finally, Wall Street Zen downgraded shares of Relay Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.92.

Relay Therapeutics Stock Down 10.1%

The firm has a market cap of $3.81 billion, a P/E ratio of -11.07 and a beta of 1.69. The firm’s 50-day simple moving average is $19.29 and its 200 day simple moving average is $15.94.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The firm had revenue of $0.35 million for the quarter, compared to the consensus estimate of $0.96 million. As a group, analysts forecast that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 17,717 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $18.94, for a total value of $335,559.98. Following the sale, the chief financial officer owned 122,851 shares of the company’s stock, valued at $2,326,797.94. The trade was a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Donald Bergstrom sold 8,660 shares of Relay Therapeutics stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $18.71, for a total transaction of $162,028.60. Following the completion of the transaction, the insider owned 409,897 shares of the company’s stock, valued at $7,669,172.87. This represents a 2.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 6,207,974 shares of company stock valued at $120,374,657. 5.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC boosted its position in shares of Relay Therapeutics by 1.1% during the 1st quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company’s stock valued at $1,431,000 after acquiring an additional 1,588 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Relay Therapeutics during the 2nd quarter valued at about $34,000. Meeder Asset Management Inc. purchased a new position in shares of Relay Therapeutics during the 2nd quarter valued at about $62,000. KBC Group NV bought a new stake in Relay Therapeutics in the 1st quarter worth approximately $34,000. Finally, Quantinno Capital Management LP boosted its stake in Relay Therapeutics by 22.6% in the first quarter. Quantinno Capital Management LP now owns 21,188 shares of the company’s stock worth $211,000 after buying an additional 3,911 shares in the last quarter. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company that develops medicines for patients with genetically defined diseases, including cancer. The company combines computational and experimental approaches to study how proteins move and change shape, with the goal of identifying druggable sites and designing more selective therapies.

Relay’s research platform, known as Dynamo, integrates structural biology, computational modeling, biophysics and chemistry to support the discovery and development of small-molecule drug candidates.