Relay Therapeutics (NASDAQ:RLAY) Shares Down 7.9% - Here's Why

Key Points

• Shares fell 7.9% midday to about $13.77 on unusually light volume (~337,022 shares, down ~87% from the 2.68M average), after closing at $14.95 the prior session.
• Several analysts raised price targets (Goldman Sachs and Guggenheim to $22, Barclays to $21), leaving a consensus rating of Moderate Buy and an average target price of $19.89.
• CFO Thomas Catinazzo sold 17,717 shares under a Rule 10b5-1 plan, while insiders own ~4.32% and institutional investors hold ~96.98%, with firms such as Millennium and Woodline markedly increasing positions.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) shares dropped 7.9% during mid-day trading on Tuesday . The stock traded as low as $14.50 and last traded at $13.7670. Approximately 337,022 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 2,683,533 shares. The stock had previously closed at $14.95.

Analyst Upgrades and Downgrades

RLAY has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their price target on Relay Therapeutics from $13.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday. Guggenheim boosted their price objective on Relay Therapeutics from $15.00 to $22.00 and gave the company a "buy" rating in a report on Friday, March 13th. JonesTrading started coverage on Relay Therapeutics in a report on Tuesday, April 14th. They set a "hold" rating and a $18.00 price objective for the company. Citizens Jmp boosted their price objective on Relay Therapeutics from $17.00 to $19.00 and gave the company a "market outperform" rating in a report on Tuesday. Finally, Barclays boosted their price objective on Relay Therapeutics from $17.00 to $21.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.89.

Relay Therapeutics Price Performance

The company has a fifty day moving average of $11.64 and a 200-day moving average of $9.03. The firm has a market cap of $2.35 billion, a P/E ratio of -8.09 and a beta of 1.57.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.06. The company had revenue of $7.00 million for the quarter, compared to the consensus estimate of $4.34 million. On average, sell-side analysts expect that Relay Therapeutics, Inc. will post -1.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 17,717 shares of the business's stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $13.01, for a total value of $230,498.17. Following the transaction, the chief financial officer owned 213,867 shares of the company's stock, valued at approximately $2,782,409.67. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,252 shares of company stock valued at $305,959 over the last 90 days. 4.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RLAY. AQR Capital Management LLC boosted its position in Relay Therapeutics by 11.9% in the first quarter. AQR Capital Management LLC now owns 364,946 shares of the company's stock worth $956,000 after purchasing an additional 38,812 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Relay Therapeutics by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock worth $221,000 after purchasing an additional 5,238 shares during the last quarter. Millennium Management LLC boosted its position in Relay Therapeutics by 14.6% in the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company's stock worth $7,710,000 after purchasing an additional 374,491 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Relay Therapeutics in the first quarter worth $53,000. Finally, Woodline Partners LP boosted its position in Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after purchasing an additional 1,241,657 shares during the last quarter. Hedge funds and other institutional investors own 96.98% of the company's stock.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company's core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.

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