Relay Therapeutics (NASDAQ:RLAY) Trading Down 4.9%

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) traded down 4.9% on Wednesday . The company traded as low as $6.40 and last traded at $6.41. 512,641 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,088,860 shares. The stock had previously closed at $6.74.

Analyst Ratings Changes

Several brokerages have recently issued reports on RLAY. Stifel Nicolaus lifted their price target on Relay Therapeutics from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, February 22nd. Leerink Partnrs reissued an "outperform" rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd. Two equities research 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.69.

Relay Therapeutics Price Performance

The company has a market cap of $814.63 million, a price-to-earnings ratio of -2.25 and a beta of 1.63. The business's fifty day moving average price is $8.79 and its 200 day moving average price is $8.96.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its earnings results on Thursday, February 22nd. The company reported ($0.67) EPS for the quarter, topping 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 quarter in the prior year, the firm posted ($0.56) EPS. As a group, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.84 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RLAY. Vanguard Group Inc. grew its stake in Relay Therapeutics by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 10,650,387 shares of the company's stock worth $117,261,000 after purchasing an additional 98,025 shares during the period. BlackRock Inc. boosted its holdings in shares of Relay Therapeutics by 5.4% during the 2nd quarter. BlackRock Inc. now owns 8,367,728 shares of the company's stock worth $105,099,000 after buying an additional 432,038 shares in the last quarter. State Street Corp grew its position in shares of Relay Therapeutics by 22.6% during the 2nd quarter. State Street Corp now owns 7,210,797 shares of the company's stock worth $90,568,000 after buying an additional 1,330,516 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Relay Therapeutics by 52.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,862,960 shares of the company's stock valued at $113,034,000 after acquiring an additional 2,369,956 shares in the last quarter. Finally, Bellevue Group AG lifted its position in shares of Relay Therapeutics by 21.5% during the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company's stock valued at $65,356,000 after acquiring an additional 1,051,082 shares during the period. Institutional investors and hedge funds own 96.98% of the company's stock.

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.