Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report) was down 6.7% on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $29.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Relay Therapeutics traded as low as $6.57 and last traded at $6.71. Approximately 66,823 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,219,911 shares. The stock had previously closed at $7.19.
Several other research firms have also recently issued reports on RLAY. Oppenheimer dropped their price target on Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Wednesday. HC Wainwright decreased their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Barclays cut their price target on Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Finally, JMP Securities decreased their price target on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday, July 18th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $21.67.
Insider Buying and Selling
In related news, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Rahmer sold 19,864 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $6.47, for a total transaction of $128,520.08. Following the transaction, the insider now owns 493,470 shares in the company, valued at approximately $3,192,750.90. The disclosure for this sale can be found here. Insiders sold 125,052 shares of company stock worth $988,396 in the last 90 days. 4.32% of the stock is owned by company insiders.
Hedge Funds Weigh In On Relay Therapeutics
Several large investors have recently bought and sold shares of RLAY. New York State Common Retirement Fund raised its position in shares of Relay Therapeutics by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after acquiring an additional 1,127 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Relay Therapeutics by 5.7% in the 4th quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after buying an additional 1,600 shares during the period. American International Group Inc. increased its position in shares of Relay Therapeutics by 4.0% in the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after buying an additional 1,810 shares in the last quarter. Congress Asset Management Co. MA raised its stake in Relay Therapeutics by 1.4% during the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock worth $1,237,000 after buying an additional 2,108 shares during the period. Finally, Los Angeles Capital Management LLC lifted its holdings in Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.
Relay Therapeutics Price Performance
The stock has a market capitalization of $878.74 million, a price-to-earnings ratio of -2.51 and a beta of 1.66. The business has a 50 day simple moving average of $7.44 and a 200-day simple moving average of $7.91.
Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the company earned ($0.81) EPS. As a group, equities analysts predict that Relay Therapeutics, Inc. will post -2.83 earnings per share for the current year.
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.
