Relay Therapeutics (NASDAQ:RLAY) Shares Down 4.8% – Here’s What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) were down 4.8% during trading on Friday . The company traded as low as $5.32 and last traded at $5.33. Approximately 181,616 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,438,840 shares. The stock had previously closed at $5.60.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. HC Wainwright boosted their price objective on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. The Goldman Sachs Group started 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. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. JMP Securities reiterated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Tuesday, September 17th. Finally, Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. 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 data from MarketBeat.com, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Stock Down 8.8 %

The firm has a 50 day moving average price of $6.71 and a 200 day moving average price of $6.99. The stock has a market cap of $683.51 million, a P/E ratio of -1.96 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. The firm’s revenue was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.54) EPS. Equities analysts predict that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RLAY. Vanguard Group Inc. grew its stake in Relay Therapeutics by 10.9% during the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after acquiring an additional 1,165,282 shares in the last quarter. Bellevue Group AG increased its holdings in shares of Relay Therapeutics by 15.7% in the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock worth $52,230,000 after purchasing an additional 1,000,069 shares during the last quarter. State Street Corp increased its holdings in shares of Relay Therapeutics by 1.2% in the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after purchasing an additional 51,810 shares during the last quarter. Braidwell LP lifted its position in shares of Relay Therapeutics by 16.4% in the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after buying an additional 492,628 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after buying an additional 367,473 shares during the last quarter. Institutional investors own 96.98% of the company’s stock.

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.