Relay Therapeutics (NASDAQ:RLAY) Sets New 12-Month Low – Time to Sell?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during trading on Thursday . The stock traded as low as $5.59 and last traded at $5.60, with a volume of 900594 shares trading hands. The stock had previously closed at $5.81.

Analysts Set New Price Targets

RLAY has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. Stifel Nicolaus restated a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research note on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.22.

Relay Therapeutics Trading Down 8.8 %

The company’s 50 day moving average price is $6.71 and its two-hundred day moving average price is $6.99. The stock has a market cap of $683.51 million, a P/E ratio of -1.96 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same quarter in the prior year, the firm posted ($0.54) earnings per share. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Relay Therapeutics by 15.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after acquiring an additional 367,473 shares during the period. Barclays PLC raised its stake in Relay Therapeutics by 118.4% during the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock worth $1,783,000 after acquiring an additional 136,541 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Relay Therapeutics during the 3rd quarter worth approximately $367,000. XTX Topco Ltd raised its stake in Relay Therapeutics by 27.9% during the 3rd quarter. XTX Topco Ltd now owns 47,271 shares of the company’s stock worth $335,000 after acquiring an additional 10,311 shares during the period. Finally, State Street Corp raised its stake in Relay Therapeutics by 1.2% during the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after acquiring an additional 51,810 shares during the period. 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.