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

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during trading on Tuesday . The company traded as low as $2.99 and last traded at $3.00, with a volume of 222874 shares trading hands. The stock had previously closed at $3.10.

Analyst Upgrades and Downgrades

RLAY has been the subject of several recent research reports. Stifel Nicolaus lowered their price objective on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. The Goldman Sachs Group cut their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Leerink Partners lowered their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Stock Performance

The stock has a fifty day simple moving average of $3.95 and a two-hundred day simple moving average of $5.11. The stock has a market capitalization of $506.02 million, a price-to-earnings ratio of -1.14 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.12. Research analysts forecast 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 75,324 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $3.70, for a total transaction of $278,698.80. Following the transaction, the chief executive officer now owns 883,089 shares in the company, valued at $3,267,429.30. The trade was a 7.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 36,036 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total transaction of $166,846.68. Following the completion of the sale, the chief financial officer now owns 263,190 shares of the company’s stock, valued at $1,218,569.70. The trade was a 12.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 470,152 shares of company stock worth $1,991,157. Corporate insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RLAY. Steward Partners Investment Advisory LLC boosted its holdings in Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after acquiring an additional 4,000 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Relay Therapeutics in the 3rd quarter worth $63,000. Portland Investment Counsel Inc. acquired a new stake in Relay Therapeutics in the 3rd quarter valued at $71,000. Stifel Financial Corp bought a new stake in Relay Therapeutics during the 4th quarter valued at $42,000. Finally, Twinbeech Capital LP bought a new stake in Relay Therapeutics during the 4th quarter valued at $42,000. 96.98% of the stock is owned by 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.