Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 2.5% – Time to Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares traded down 2.5% on Tuesday . The company traded as low as $4.17 and last traded at $4.23. 201,013 shares changed hands during trading, a decline of 87% from the average session volume of 1,565,180 shares. The stock had previously closed at $4.34.

Analysts Set New Price Targets

A number of research firms have commented on RLAY. Leerink Partners cut their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a report on Monday, September 16th. The Goldman Sachs Group started coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, HC Wainwright lowered their price target on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Trading Down 2.8 %

The company’s fifty day moving average is $5.33 and its two-hundred day moving average is $6.59. The stock has a market cap of $706.36 million, a price-to-earnings ratio of -1.62 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last released its 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 business’s revenue was down 100.0% compared to the same quarter last year. During the same period last year, the company earned ($0.54) earnings per share. Analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,423 shares of company stock valued at $551,043 in the last ninety days. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of RLAY. Allspring Global Investments Holdings LLC lifted its stake in shares of Relay Therapeutics by 6.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock valued at $292,000 after purchasing an additional 2,547 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics in the 2nd quarter valued at about $37,000. Rhumbline Advisers raised its position in shares of Relay Therapeutics by 4.8% in the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after buying an additional 7,508 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Relay Therapeutics by 11.2% during the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after purchasing an additional 7,680 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Relay Therapeutics during the 3rd quarter worth about $63,000. 96.98% of the stock is currently owned by hedge funds and other 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.