Relay Therapeutics (NASDAQ:RLAY) Reaches New 1-Year Low Following Insider Selling

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price reached a new 52-week low during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $5.70 and last traded at $5.71, with a volume of 1026389 shares. The stock had previously closed at $5.90.

Specifically, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $1,856,729.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RLAY shares. Bank of America upped their target price on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, September 17th. HC Wainwright restated a “buy” rating and issued a $19.00 price objective on shares of Relay Therapeutics in a research note on Monday, October 14th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. dropped their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

Relay Therapeutics Stock Down 3.2 %

The company has a 50-day moving average of $6.96 and a two-hundred day moving average of $7.03. The company has a market capitalization of $764.51 million, a P/E ratio of -2.34 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the previous year, the firm posted ($0.81) EPS. As a group, equities analysts expect that Relay Therapeutics, Inc. will post -2.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. American International Group Inc. raised its stake in Relay Therapeutics by 4.0% during the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after buying an additional 1,810 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Relay Therapeutics by 6.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after purchasing an additional 2,547 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Relay Therapeutics by 14.9% in the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock worth $218,000 after purchasing an additional 3,394 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Relay Therapeutics by 7.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 54,917 shares of the company’s stock worth $456,000 after purchasing an additional 3,684 shares during the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Relay Therapeutics in the second quarter worth $37,000. Hedge funds and other 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.