Relay Therapeutics (NASDAQ:RLAY) Sets New 12-Month Low – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $4.00 and last traded at $4.40, with a volume of 8699373 shares changing hands. The stock had previously closed at $4.83.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RLAY shares. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. HC Wainwright lowered their price target on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, December 4th. Stifel Nicolaus restated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a report on Monday, September 16th. Finally, Leerink Partners lowered their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Trading Down 7.9 %

The firm’s fifty day moving average price is $4.81 and its 200-day moving average price is $6.32. The company has a market cap of $744.85 million, a price-to-earnings ratio of -1.70 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same period last year, the firm earned ($0.54) earnings per share. Relay Therapeutics’s revenue was down 100.0% on a year-over-year basis. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of Relay Therapeutics stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the sale, the insider now directly owns 308,754 shares in the company, valued at approximately $1,373,955.30. This represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 162,319 shares of company stock valued at $781,067. 4.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in the business. Eventide Asset Management LLC bought a new position in Relay Therapeutics in the third quarter valued at $18,989,000. Walleye Capital LLC lifted its position in Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock worth $12,885,000 after buying an additional 1,793,057 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after buying an additional 1,554,115 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after acquiring an additional 1,361,779 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Relay Therapeutics in the third quarter valued at about $9,554,000. 96.98% of the stock is owned by institutional investors.

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.