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

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

Wall Street Analysts Forecast Growth

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

Relay Therapeutics Stock Performance

The company has a market cap of $484.83 million, a PE ratio of -1.10 and a beta of 1.65. The company’s 50 day moving average price is $3.90 and its 200-day moving average price is $5.07.

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

Insiders Place Their Bets

In related news, insider Peter Rahmer sold 32,156 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total transaction of $133,447.40. Following the completion of the transaction, the insider now directly owns 357,507 shares in the company, valued at $1,483,654.05. The trade was a 8.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 75,324 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the completion of the transaction, the chief executive officer now owns 883,089 shares in the company, valued at approximately $3,267,429.30. This trade represents a 7.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 470,152 shares of company stock worth $1,991,157 in the last three months. 4.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Relay Therapeutics

A number of hedge funds have recently made changes to their positions in RLAY. Steward Partners Investment Advisory LLC boosted its holdings in shares of Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after purchasing an additional 4,000 shares in the last quarter. Stifel Financial Corp purchased a new position in shares of Relay Therapeutics during the fourth quarter worth approximately $42,000. Twinbeech Capital LP bought a new stake in shares of Relay Therapeutics in the 4th quarter worth approximately $42,000. Cibc World Markets Corp purchased a new stake in shares of Relay Therapeutics in the 4th quarter valued at $47,000. Finally, Summit Investment Advisors Inc. grew its holdings in shares of Relay Therapeutics by 41.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock valued at $52,000 after purchasing an additional 3,760 shares during the last quarter. 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.