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

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RLAY shares. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. cut their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. HC Wainwright increased their price objective on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $28.00 target price on shares of Relay Therapeutics in a report on Monday, September 16th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Relay Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Price Performance

The company has a market capitalization of $683.51 million, a P/E ratio of -1.96 and a beta of 1.67. The business has a 50-day moving average of $6.71 and a 200-day moving average of $6.99.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results 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 period in the prior year, the company earned ($0.54) EPS. Relay Therapeutics’s revenue for the quarter was down 100.0% on a year-over-year basis. Sell-side analysts predict that Relay Therapeutics, Inc. will post -2.61 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction 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 trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new stake in shares of Relay Therapeutics in the second quarter valued at about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Relay Therapeutics in the third quarter valued at about $63,000. Portland Investment Counsel Inc. bought a new stake in shares of Relay Therapeutics in the third quarter valued at about $71,000. Values First Advisors Inc. purchased a new position in Relay Therapeutics in the third quarter valued at about $75,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Relay Therapeutics in the first quarter valued at about $79,000. 96.98% of the stock is currently owned by institutional investors.

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.