Relay Therapeutics (NASDAQ:RLAY) Sets New 52-Week Low Following Insider Selling

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $4.23 and last traded at $4.25, with a volume of 1299927 shares. The stock had previously closed at $4.50.

Specifically, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This trade represents a 14.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Bank of America increased their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Finally, Leerink Partners lowered their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Down 2.3 %

The business’s 50 day moving average price is $5.43 and its 200-day moving average price is $6.64. The company has a market cap of $696.31 million, a PE ratio of -1.59 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same period in the previous year, the company posted ($0.54) earnings per share. Relay Therapeutics’s quarterly revenue was down 100.0% on a year-over-year basis. Equities analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics in the 2nd quarter valued at about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Relay Therapeutics during the third quarter valued at approximately $63,000. Portland Investment Counsel Inc. acquired a new position in shares of Relay Therapeutics during the third quarter worth approximately $71,000. Values First Advisors Inc. acquired a new position in shares of Relay Therapeutics during the third quarter worth approximately $75,000. Finally, Point72 DIFC Ltd bought a new position in Relay Therapeutics in the 3rd quarter worth approximately $134,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.