Relay Therapeutics (NASDAQ:RLAY) Trading Down 4.9% - What's Next?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) fell 4.9% during trading on Friday . The stock traded as low as $3.20 and last traded at $3.20. 385,547 shares traded hands during trading, a decline of 83% from the average session volume of 2,297,383 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

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

Relay Therapeutics Trading Up 1.3%

The stock has a market capitalization of $553.77 million, a price-to-earnings ratio of -1.45 and a beta of 1.59. The firm has a 50-day moving average of $3.06 and a 200 day moving average of $3.57.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. During the same period in the prior year, the company earned ($0.62) earnings per share. The firm's revenue for the quarter was down 23.0% on a year-over-year basis. Equities research analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total value of $32,217.00. Following the transaction, the insider now directly owns 390,081 shares of the company's stock, valued at $1,170,243. The trade was a 2.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sanjiv Patel sold 61,422 shares of Relay Therapeutics stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total transaction of $182,423.34. Following the sale, the chief executive officer now owns 821,667 shares in the company, valued at $2,440,350.99. This represents a 6.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,320 shares of company stock worth $280,981. Corporate insiders own 4.87% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC grew its holdings in Relay Therapeutics by 2,256.1% during the 1st quarter. Acadian Asset Management LLC now owns 682,028 shares of the company's stock worth $1,785,000 after acquiring an additional 653,081 shares during the period. Jane Street Group LLC lifted its position in Relay Therapeutics by 47.6% during the 1st quarter. Jane Street Group LLC now owns 111,472 shares of the company's stock worth $292,000 after buying an additional 35,962 shares in the last quarter. Woodline Partners LP raised its holdings in Relay Therapeutics by 448.4% during the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after acquiring an additional 1,241,657 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at approximately $53,000. Finally, Murchinson Ltd. acquired a new stake in shares of Relay Therapeutics in the first quarter valued at approximately $26,000. Institutional investors 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.