Relay Therapeutics (NASDAQ:RLAY) Hits New 12-Month Low on Insider Selling

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price hit a new 52-week low on Wednesday following insider selling activity. The stock traded as low as $5.70 and last traded at $5.71, with a volume of 1026389 shares traded. The stock had previously closed at $5.90.

Specifically, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Barclays boosted their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. 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. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group began coverage on shares of Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price for the company. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.11.

Relay Therapeutics Trading Down 3.2 %

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

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same quarter in the prior year, the firm earned ($0.81) earnings per share. Analysts anticipate that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in Relay Therapeutics by 57.2% during the first quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock worth $1,494,000 after purchasing an additional 65,484 shares during the period. Logos Global Management LP acquired a new stake in shares of Relay Therapeutics during the second quarter worth $8,476,000. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics in the first quarter valued at about $79,000. Los Angeles Capital Management LLC raised its stake in Relay Therapeutics by 661.7% in the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock valued at $692,000 after purchasing an additional 92,230 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Relay Therapeutics by 19.1% in the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock valued at $5,927,000 after purchasing an additional 145,837 shares in the last quarter. 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.