Relay Therapeutics (NASDAQ:RLAY) Reaches New 1-Year Low – Here’s Why

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

Wall Street Analysts Forecast Growth

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

Relay Therapeutics Stock Performance

The stock has a market capitalization of $704.68 million, a P/E ratio of -1.61 and a beta of 1.60. The business has a fifty day simple moving average of $4.84 and a 200-day simple moving average of $6.34.

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

Insiders Place Their Bets

In related news, CEO Sanjiv Patel sold 100,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the sale, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This represents a 14.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics 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 directly owns 306,391 shares in the company, valued at $1,856,729.46. This represents 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 162,319 shares of company stock worth $781,067. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RLAY. Allspring Global Investments Holdings LLC boosted its stake in shares of Relay Therapeutics by 6.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after buying an additional 2,547 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in Relay Therapeutics in the second quarter worth $37,000. Rhumbline Advisers grew its stake in Relay Therapeutics by 4.8% in the 2nd quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after purchasing an additional 7,508 shares during the period. Victory Capital Management Inc. increased its position in shares of Relay Therapeutics by 11.2% during 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, Point72 Asia Singapore Pte. Ltd. purchased a new position in Relay Therapeutics in the third quarter valued at about $63,000. 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.