Relay Therapeutics (NASDAQ:RLAY) Shares Gap Down - Should You Sell?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $3.45, but opened at $3.30. Relay Therapeutics shares last traded at $3.30, with a volume of 341,596 shares.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RLAY shares. Stifel Nicolaus reduced their price target on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company started coverage on Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price target on the stock. Guggenheim reduced their price target on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. The Goldman Sachs Group reduced their price target on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $17.67.

Relay Therapeutics Trading Down 6.7%

The company has a market capitalization of $552.05 million, a PE ratio of -1.23 and a beta of 1.59. The business's 50-day simple moving average is $2.96 and its 200-day simple moving average is $3.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. During the same period in the prior year, the business posted ($0.62) earnings per share. The business's quarterly revenue was down 23.0% compared to the same quarter last year. Sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 12,943 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $38,829.00. Following the completion of the transaction, the chief financial officer now directly owns 355,376 shares of the company's stock, valued at $1,066,128. The trade was a 3.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $32,217.00. Following the transaction, the insider now directly owns 390,081 shares of the company's stock, valued at approximately $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,320 shares of company stock valued at $280,981. 4.87% of the stock is owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently made changes to their positions in RLAY. Murchinson Ltd. purchased a new position in shares of Relay Therapeutics during the 1st quarter valued at approximately $26,000. Steward Partners Investment Advisory LLC grew its stake in Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after acquiring an additional 4,000 shares during the period. DRW Securities LLC acquired a new stake in Relay Therapeutics in the 1st quarter valued at $28,000. AssuredPartners Investment Advisors LLC acquired a new stake in Relay Therapeutics in the 1st quarter valued at $29,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Relay Therapeutics in the 1st quarter valued at $41,000. 96.98% of the stock is 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.