Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 4.7% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price traded down 4.7% during mid-day trading on Tuesday . The company traded as low as $4.63 and last traded at $4.63. 79,753 shares traded hands during trading, a decline of 95% from the average session volume of 1,458,827 shares. The stock had previously closed at $4.86.

Analysts Set New Price Targets

A number of research firms recently weighed in on RLAY. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price for the company. Stifel Nicolaus restated a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a report on Monday, September 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. cut their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.22.

Relay Therapeutics Price Performance

The stock’s 50 day simple moving average is $6.18 and its 200-day simple moving average is $6.88. The stock has a market capitalization of $803.44 million, a price-to-earnings ratio of -1.84 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same period in the prior year, the firm posted ($0.54) EPS. The firm’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RLAY. Eventide Asset Management LLC bought a new position in Relay Therapeutics during the third quarter valued at about $18,989,000. Walleye Capital LLC increased its position in shares of Relay Therapeutics by 6,659.2% during the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after purchasing an additional 1,793,057 shares during the period. Franklin Resources Inc. raised its stake in shares of Relay Therapeutics by 3,883.8% in the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after purchasing an additional 1,361,779 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Relay Therapeutics in the third quarter worth $9,554,000. Finally, Logos Global Management LP bought a new position in Relay Therapeutics in the second quarter worth $8,476,000. Institutional investors and hedge funds 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.