Relay Therapeutics (NASDAQ:RLAY) Shares Gap Down – Time to Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $4.01, but opened at $3.85. Relay Therapeutics shares last traded at $3.94, with a volume of 286,603 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RLAY. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners cut their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a report on Tuesday, January 14th. One research analyst has 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 a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Performance

The stock has a market capitalization of $630.20 million, a PE ratio of -1.44 and a beta of 1.61. The business’s 50-day moving average price is $4.48 and its 200 day moving average price is $5.86.

Insider Buying and Selling

In other news, insider Peter Rahmer sold 32,156 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction 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 completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 354,646 shares of company stock worth $1,672,757 over the last ninety days. 4.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Eventide Asset Management LLC purchased a new position in shares of Relay Therapeutics in the third quarter valued at about $18,989,000. Walleye Capital LLC increased its holdings in Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after purchasing an additional 1,793,057 shares during the period. JPMorgan Chase & Co. raised its position in Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after purchasing an additional 1,554,115 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Relay Therapeutics by 3,883.8% in the 3rd 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, Point72 Asset Management L.P. bought a new stake in shares of Relay Therapeutics in the 3rd quarter worth approximately $9,554,000. 96.98% of the stock is owned by institutional investors.

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.