Relay Therapeutics (NASDAQ:RLAY) Reaches New 52-Week Low – Here’s What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) reached a new 52-week low on Tuesday . The company traded as low as $4.11 and last traded at $4.16, with a volume of 181147 shares trading hands. The stock had previously closed at $4.18.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RLAY. JPMorgan Chase & Co. cut their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. Leerink Partners dropped their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Finally, Barclays raised their price target on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Performance

The company has a market cap of $689.62 million, a P/E ratio of -1.58 and a beta of 1.59. The firm’s 50-day simple moving average is $5.00 and its 200 day simple moving average is $6.44.

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

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares of the company’s stock, valued at $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,587 shares of company stock worth $573,856. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RLAY. Charles Schwab Investment Management Inc. raised its holdings in shares of Relay Therapeutics by 26.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock worth $7,333,000 after acquiring an additional 214,398 shares during the period. Maven Securities LTD acquired a new stake in shares of Relay Therapeutics in the 3rd quarter valued at about $2,389,000. Geode Capital Management LLC lifted its holdings in shares of Relay Therapeutics by 15.5% in the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after purchasing an additional 367,473 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the period. Finally, First Turn Management LLC bought a new position in shares of Relay Therapeutics during the third quarter worth about $8,683,000. 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.