Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 2.5% – Time to Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price traded down 2.5% on Tuesday . The company traded as low as $4.17 and last traded at $4.23. 201,013 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,565,180 shares. The stock had previously closed at $4.34.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RLAY shares. JPMorgan Chase & Co. reduced their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Bank of America increased their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $10.60 to $16.00 in a research report on Tuesday, September 10th. Leerink Partners lowered their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, Barclays upped their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Performance

The company’s fifty day moving average is $5.33 and its two-hundred day moving average is $6.59. The company has a market cap of $706.36 million, a price-to-earnings ratio of -1.62 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same quarter in the previous year, the firm posted ($0.54) EPS. Relay Therapeutics’s revenue for the quarter was down 100.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the sale, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This trade represents a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,423 shares of company stock worth $551,043 over the last quarter. 4.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

A number of large investors have recently added to or reduced their stakes in RLAY. Bank of New York Mellon Corp increased its stake in Relay Therapeutics by 15.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock worth $2,312,000 after buying an additional 48,219 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Relay Therapeutics by 304.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 38,656 shares of the company’s stock worth $252,000 after purchasing an additional 29,087 shares in the last quarter. Rhumbline Advisers increased its position in shares of Relay Therapeutics by 4.8% during the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after purchasing an additional 7,508 shares in the last quarter. Victory Capital Management Inc. raised its stake in Relay Therapeutics by 11.2% in the 2nd quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock valued at $499,000 after purchasing an additional 7,680 shares during the last quarter. Finally, Candriam S.C.A. lifted its holdings in Relay Therapeutics by 38.4% in the 2nd quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock valued at $4,586,000 after purchasing an additional 195,000 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.