Relay Therapeutics (NASDAQ:RLAY) Hits New 52-Week Low – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $4.43 and last traded at $4.52, with a volume of 437113 shares changing hands. The stock had previously closed at $4.67.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. Finally, Bank of America upped their target price on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Stock Down 3.2 %

The company has a market cap of $756.56 million, a P/E ratio of -1.77 and a beta of 1.59. The firm’s 50 day moving average is $6.06 and its two-hundred day moving average is $6.86.

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

Insider Activity at Relay Therapeutics

In other Relay Therapeutics 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC bought a new stake in shares of Relay Therapeutics during the second quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Relay Therapeutics during the 3rd quarter worth approximately $63,000. Portland Investment Counsel Inc. bought a new position in shares of Relay Therapeutics in the third quarter valued at approximately $71,000. Virtu Financial LLC purchased a new position in shares of Relay Therapeutics during the first quarter valued at approximately $87,000. Finally, Values First Advisors Inc. bought a new stake in Relay Therapeutics during the third quarter worth $75,000. 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.