Relay Therapeutics (NASDAQ:RLAY) Shares Down 3.2% – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price dropped 3.2% during trading on Wednesday . The stock traded as low as $3.24 and last traded at $3.19. Approximately 238,413 shares traded hands during trading, a decline of 87% from the average daily volume of 1,796,697 shares. The stock had previously closed at $3.29.

Wall Street Analyst Weigh In

RLAY has been the topic of several recent analyst reports. Stifel Nicolaus dropped their price objective on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Leerink Partners dropped their price objective 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. The Goldman Sachs Group dropped their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Relay Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $19.80.

Relay Therapeutics Stock Down 0.5 %

The firm has a 50 day moving average price of $4.07 and a 200 day moving average price of $5.20. The stock has a market cap of $555.18 million, a P/E ratio of -1.25 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. Equities analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 32,156 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total transaction of $133,447.40. Following the sale, the insider now owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. This trade represents a 8.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjiv Patel sold 125,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $4.80, for a total value of $600,000.00. Following the transaction, the chief executive officer now owns 324,548 shares of the company’s stock, valued at $1,557,830.40. This represents a 27.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,152 shares of company stock valued at $1,991,157. 4.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently added to or reduced their stakes in RLAY. California State Teachers Retirement System boosted its holdings in shares of Relay Therapeutics by 28.8% in the 4th quarter. California State Teachers Retirement System now owns 106,287 shares of the company’s stock worth $438,000 after purchasing an additional 23,760 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Relay Therapeutics by 4.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 232,582 shares of the company’s stock worth $958,000 after purchasing an additional 9,293 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Relay Therapeutics by 535.9% in the 4th quarter. Squarepoint Ops LLC now owns 162,588 shares of the company’s stock worth $670,000 after purchasing an additional 137,020 shares during the period. Twinbeech Capital LP purchased a new position in shares of Relay Therapeutics in the 4th quarter worth approximately $42,000. Finally, Two Sigma Advisers LP boosted its holdings in shares of Relay Therapeutics by 4.0% in the 4th quarter. Two Sigma Advisers LP now owns 638,900 shares of the company’s stock worth $2,632,000 after purchasing an additional 24,700 shares during the period. Hedge funds and other institutional investors 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.