Relay Therapeutics (NASDAQ:RLAY) Trading Up 6.7% - Here's What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) was up 6.7% during mid-day trading on Tuesday . The company traded as high as $3.58 and last traded at $3.59. Approximately 330,238 shares were traded during trading, a decline of 84% from the average daily volume of 2,067,677 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

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

Relay Therapeutics Stock Performance

The company's 50-day moving average price is $2.94 and its 200 day moving average price is $3.64. The stock has a market capitalization of $552.05 million, a P/E ratio of -1.23 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $0.01 million. The company's quarterly revenue was down 23.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.62) EPS. Analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 12,943 shares of the firm's stock in a transaction 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 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 SEC, which is accessible through this link. Also, insider Peter Rahmer sold 10,739 shares of the stock in a transaction dated 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 $1,170,243. This trade represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,320 shares of company stock worth $280,981. 4.87% of the stock is owned by corporate insiders.

Institutional Trading of Relay Therapeutics

Large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Relay Therapeutics in the fourth quarter valued at $23,821,000. Tang Capital Management LLC grew its stake in shares of Relay Therapeutics by 126.1% in the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company's stock worth $33,240,000 after buying an additional 4,500,000 shares in the last quarter. Millennium Management LLC grew its stake in shares of Relay Therapeutics by 142.4% in the 4th quarter. Millennium Management LLC now owns 2,568,384 shares of the company's stock worth $10,582,000 after buying an additional 1,508,777 shares in the last quarter. Woodline Partners LP increased its holdings in shares of Relay Therapeutics by 448.4% in the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after buying an additional 1,241,657 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Relay Therapeutics by 69.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,964,997 shares of the company's stock valued at $12,216,000 after buying an additional 1,216,334 shares in the last quarter. 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.