Relay Therapeutics (NASDAQ:RLAY) Reaches New 1-Year Low – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) reached a new 52-week low on Wednesday . The company traded as low as $4.23 and last traded at $4.25, with a volume of 1299927 shares. The stock had previously closed at $4.50.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RLAY. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. JPMorgan Chase & Co. decreased their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Leerink Partners cut their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Bank of America upped their target price on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, The Goldman Sachs Group initiated coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Trading Down 6.7 %

The firm has a market capitalization of $703.01 million, a price-to-earnings ratio of -1.61 and a beta of 1.59. The company has a 50-day moving average of $5.52 and a 200-day moving average of $6.67.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results 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. The company’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period last year, the business earned ($0.54) EPS. On average, research analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction 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. This trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC bought a new position in shares of Relay Therapeutics in the second quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Relay Therapeutics in the third quarter worth $63,000. Portland Investment Counsel Inc. bought a new position in shares of Relay Therapeutics in the third quarter worth $71,000. Values First Advisors Inc. bought a new position in shares of Relay Therapeutics in the third quarter worth $75,000. Finally, Point72 DIFC Ltd bought a new position in shares of Relay Therapeutics in the third quarter worth $134,000. Institutional investors 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.