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

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $4.70 and last traded at $4.75, with a volume of 48931 shares traded. The stock had previously closed at $4.80.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RLAY shares. JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a report on Tuesday, September 17th. Bank of America lifted their price objective 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. Stifel Nicolaus reaffirmed a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Relay Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Price Performance

The stock has a market capitalization of $776.64 million, a PE ratio of -1.78 and a beta of 1.67. The company has a 50 day moving average price of $6.42 and a 200-day moving average price of $6.93.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.54) earnings per share. As a group, equities analysts anticipate that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Relay Therapeutics by 10.9% during the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after purchasing an additional 1,165,282 shares in the last quarter. Bellevue Group AG lifted its holdings in Relay Therapeutics by 15.7% during the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock worth $52,230,000 after buying an additional 1,000,069 shares during the last quarter. State Street Corp increased its position in shares of Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after purchasing an additional 51,810 shares in the last quarter. Braidwell LP increased its position in shares of Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after purchasing an additional 492,628 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after acquiring an additional 367,473 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.