Relay Therapeutics (NASDAQ:RLAY) Hits New 52-Week Low – What’s Next?

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

Analyst Upgrades and Downgrades

RLAY has been the topic of several research reports. HC Wainwright upped their price target on shares of Relay Therapeutics from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. Barclays upped their price target on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research report on Tuesday, September 17th. Finally, Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Relay Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Stock Performance

The company has a market capitalization of $749.78 million, a price-to-earnings ratio of -2.23 and a beta of 1.67. The business’s 50-day simple moving average is $6.75 and its 200-day simple moving average is $7.01.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.54) earnings per share. On average, analysts forecast that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Relay Therapeutics

A number of large investors have recently bought and sold shares of RLAY. Eventide Asset Management LLC bought a new stake in Relay Therapeutics during the 3rd quarter worth approximately $18,989,000. Walleye Capital LLC grew its stake in shares of Relay Therapeutics by 6,659.2% in the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after buying an additional 1,793,057 shares in the last quarter. Logos Global Management LP bought a new position in shares of Relay Therapeutics in the second quarter valued at $8,476,000. First Turn Management LLC bought a new position in shares of Relay Therapeutics in the third quarter valued at $8,683,000. Finally, Vanguard Group Inc. grew its stake in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after buying an additional 1,165,282 shares in the last quarter. 96.98% of the stock is 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.