Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 5.4% – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) dropped 5.4% during mid-day trading on Tuesday . The company traded as low as $4.57 and last traded at $4.58. Approximately 183,197 shares were traded during trading, a decline of 88% from the average daily volume of 1,538,599 shares. The stock had previously closed at $4.84.

Analyst Ratings Changes

RLAY has been the subject of several research analyst reports. HC Wainwright decreased their price target on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, December 4th. Bank of America boosted their target price on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research report on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Relay Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Trading Up 1.4 %

The firm’s 50 day moving average price is $5.48 and its two-hundred day moving average price is $6.66. The company has a market capitalization of $713.05 million, a P/E ratio of -1.63 and a beta of 1.59.

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

Insider Activity at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value 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 approximately $2,872,740. This trade represents a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction on 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 owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,423 shares of company stock valued at $551,043. 4.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Eventide Asset Management LLC bought a new stake in Relay Therapeutics in the third quarter valued at approximately $18,989,000. Walleye Capital LLC increased its holdings in shares of 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 acquiring an additional 1,793,057 shares during the last quarter. Franklin Resources Inc. raised its stake in 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 during the period. Point72 Asset Management L.P. acquired a new stake in Relay Therapeutics during the 3rd quarter valued at $9,554,000. Finally, Logos Global Management LP bought a new position in Relay Therapeutics during the second quarter worth $8,476,000. Institutional investors own 96.98% of the company’s stock.

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.