Relay Therapeutics (NASDAQ:RLAY) Trading Down 3.3%

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) shares dropped 3.3% during trading on Wednesday . The company traded as low as $7.28 and last traded at $7.35. Approximately 210,488 shares changed hands during trading, a decline of 81% from the average daily volume of 1,081,680 shares. The stock had previously closed at $7.60.

Analysts Set New Price Targets

RLAY has been the topic of a number of analyst reports. Leerink Partnrs reaffirmed an "outperform" rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd. HC Wainwright decreased their price objective on Relay Therapeutics from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Monday, December 11th. Finally, Stifel Nicolaus increased their price objective on Relay Therapeutics from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, February 22nd. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $23.69.

Relay Therapeutics Trading Down 6.1 %

The firm has a market capitalization of $936.63 million, a price-to-earnings ratio of -2.55 and a beta of 1.63. The firm has a 50 day moving average price of $9.27 and a two-hundred day moving average price of $9.07.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.67) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.09. Relay Therapeutics had a negative return on equity of 42.43% and a negative net margin of 1,263.49%. During the same period last year, the company posted ($0.56) EPS. As a group, research analysts forecast that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current year.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in shares of Relay Therapeutics by 198.6% during the 3rd quarter. Royal Bank of Canada now owns 1,287 shares of the company's stock valued at $29,000 after buying an additional 856 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of Relay Therapeutics by 48.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 2,494 shares of the company's stock valued at $79,000 after buying an additional 819 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Relay Therapeutics during the 2nd quarter valued at about $39,000. Metropolitan Life Insurance Co NY raised its holdings in shares of Relay Therapeutics by 15.5% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 5,264 shares of the company's stock valued at $79,000 after buying an additional 706 shares during the period. Finally, Vontobel Holding Ltd. raised its holdings in shares of Relay Therapeutics by 12.7% during the 1st quarter. Vontobel Holding Ltd. now owns 7,413 shares of the company's stock valued at $222,000 after buying an additional 833 shares during the period. 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.