Relay Therapeutics (NASDAQ:RLAY) Shares Down 3.5% - Here's Why

Key Points

• Relay Therapeutics' stock price decreased by 3.5%, trading as low as $6.26, with a significantly lower trading volume of 306,987 shares compared to its average of over 2 million shares.
• Analysts have adjusted their price targets for Relay Therapeutics, with Raymond James reducing its target from $29 to $19, while the consensus rating remains a "Moderate Buy" with a target of $16.50.
• Insider trading activity saw significant sales, with insiders selling nearly 88,000 shares valued at approximately $324,000, indicating a decrease in their stakes in the company.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) traded down 3.5% during mid-day trading on Monday . The company traded as low as $6.26 and last traded at $6.27. 306,987 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,127,453 shares. The stock had previously closed at $6.50.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RLAY. Raymond James Financial decreased their price objective on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a report on Friday, August 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Relay Therapeutics in a research note on Saturday, September 27th. HC Wainwright cut their price objective on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, August 26th. Finally, Guggenheim assumed coverage on Relay Therapeutics in a report on Thursday, September 4th. They issued a "buy" rating and a $15.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $16.50.

Relay Therapeutics Trading Down 4.2%

The firm has a 50-day moving average of $4.22 and a 200 day moving average of $3.50. The company has a market cap of $1.07 billion, a P/E ratio of -3.19 and a beta of 1.75.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.08. The business had revenue of $0.70 million during the quarter, compared to analyst estimates of $0.07 million. On average, equities analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In related news, insider Donald A. Bergstrom sold 26,701 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $98,259.68. Following the completion of the sale, the insider directly owned 552,720 shares of the company's stock, valued at $2,034,009.60. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Peter Rahmer sold 15,724 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $57,864.32. Following the transaction, the insider directly owned 377,998 shares in the company, valued at approximately $1,391,032.64. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,847 shares of company stock valued at $323,803. Company insiders own 4.87% of the company's stock.

Hedge Funds Weigh In On Relay Therapeutics

Institutional investors have recently modified their holdings of the company. Commodore Capital LP bought a new stake in Relay Therapeutics during the 2nd quarter worth approximately $46,191,000. Woodline Partners LP increased its stake in Relay Therapeutics by 448.4% in the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock valued at $3,979,000 after buying an additional 1,241,657 shares during the last quarter. Bellevue Group AG grew its holdings in shares of Relay Therapeutics by 11.6% in the second quarter. Bellevue Group AG now owns 8,230,870 shares of the company's stock valued at $28,479,000 after acquiring an additional 853,578 shares in the last quarter. Norges Bank purchased a new stake in shares of Relay Therapeutics during the second quarter valued at approximately $2,892,000. Finally, Bank of America Corp DE lifted its holdings in Relay Therapeutics by 138.1% during the second quarter. Bank of America Corp DE now owns 1,320,130 shares of the company's stock worth $4,568,000 after acquiring an additional 765,702 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.

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