Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 4.9% - Time to Sell?

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

Analysts Set New Price Targets

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

Relay Therapeutics Stock Down 6.1%

The firm has a 50 day moving average of $3.05 and a 200 day moving average of $3.59. The firm has a market cap of $540.75 million, a PE ratio of -1.41 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.46) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.04. The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $0.01 million. During the same quarter last year, the business posted ($0.62) earnings per share. Relay Therapeutics's revenue was down 23.0% compared to the same quarter last year. On average, research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 12,943 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $38,829.00. Following the transaction, the chief financial officer now directly owns 355,376 shares in the company, valued at approximately $1,066,128. This trade represents a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 61,422 shares of Relay Therapeutics stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the transaction, the chief executive officer now owns 821,667 shares in the company, valued at $2,440,350.99. This trade represents a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 94,320 shares of company stock worth $280,981 in the last 90 days. Company insiders own 4.87% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

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

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