Relay Therapeutics (NASDAQ:RLAY) Shares Down 3.2% – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares fell 3.2% during mid-day trading on Wednesday . The company traded as low as $3.24 and last traded at $3.19. 238,413 shares changed hands during trading, a decline of 87% from the average session volume of 1,796,697 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RLAY. The Goldman Sachs Group dropped their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. Stifel Nicolaus dropped their price objective on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Leerink Partners dropped their price objective 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, JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Relay Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Trading Down 0.5 %

The company has a market cap of $555.18 million, a price-to-earnings ratio of -1.25 and a beta of 1.65. The business has a fifty day moving average of $4.07 and a two-hundred day moving average of $5.20.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. On average, research analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 75,324 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total value of $278,698.80. Following the completion of the sale, the chief executive officer now owns 883,089 shares of the company’s stock, valued at approximately $3,267,429.30. This trade represents a 7.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 20,791 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $4.42, for a total value of $91,896.22. Following the completion of the transaction, the chief financial officer now owns 379,431 shares of the company’s stock, valued at $1,677,085.02. The trade was a 5.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 470,152 shares of company stock valued at $1,991,157 over the last quarter. 4.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position in Relay Therapeutics by 26.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock worth $7,333,000 after acquiring an additional 214,398 shares during the period. Maven Securities LTD purchased a new position in Relay Therapeutics in the third quarter worth approximately $2,389,000. Geode Capital Management LLC boosted its position in shares of Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after buying an additional 367,473 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Relay Therapeutics by 39.2% during the third 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 period. Finally, Franklin Resources Inc. boosted its position in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the period. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.