Relay Therapeutics (NASDAQ:RLAY) Shares Down 8.8% – Here’s What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) fell 8.8% during mid-day trading on Wednesday. The stock traded as low as $17.79 and last traded at $17.65. Approximately 479,057 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 3,190,783 shares. The stock had previously closed at $19.35.

Analyst Upgrades and Downgrades

RLAY has been the topic of a number of recent analyst reports. HC Wainwright lifted their price target on Relay Therapeutics from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Wall Street Zen lowered Relay Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Guggenheim reissued a “buy” rating on shares of Relay Therapeutics in a report on Friday, August 7th. Barclays raised their price objective on shares of Relay Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Relay Therapeutics from $28.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $25.92.

Relay Therapeutics Stock Down 1.7%

The firm’s 50-day moving average price is $19.23 and its 200-day moving average price is $16.05. The company has a market cap of $3.89 billion, a P/E ratio of -11.29 and a beta of 1.69.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.02). The business had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. As a group, analysts forecast that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, insider Peter Rahmer sold 4,508 shares of the business’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $20.03, for a total transaction of $90,295.24. Following the completion of the transaction, the insider directly owned 223,657 shares in the company, valued at $4,479,849.71. The trade was a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $18.94, for a total transaction of $912,889.06. Following the completion of the transaction, the chief executive officer directly owned 519,500 shares in the company, valued at approximately $9,839,330. The trade was a 8.49% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 6,207,974 shares of company stock valued at $120,374,657. Company insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors have recently added to or reduced their stakes in RLAY. Sanctuary Advisors LLC grew its stake in Relay Therapeutics by 1.1% during the first quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company’s stock valued at $1,431,000 after acquiring an additional 1,588 shares in the last quarter. Allworth Financial LP purchased a new stake in Relay Therapeutics in the 2nd quarter worth $34,000. Meeder Asset Management Inc. purchased a new position in shares of Relay Therapeutics during the second quarter valued at about $62,000. KBC Group NV bought a new stake in shares of Relay Therapeutics in the first quarter worth about $34,000. Finally, Quantinno Capital Management LP lifted its position in shares of Relay Therapeutics by 22.6% in the first quarter. Quantinno Capital Management LP now owns 21,188 shares of the company’s stock worth $211,000 after buying an additional 3,911 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company that develops medicines for patients with genetically defined diseases, including cancer. The company combines computational and experimental approaches to study how proteins move and change shape, with the goal of identifying druggable sites and designing more selective therapies.

Relay’s research platform, known as Dynamo, integrates structural biology, computational modeling, biophysics and chemistry to support the discovery and development of small-molecule drug candidates.