Relay Therapeutics (NASDAQ:RLAY) Hits New 1-Year Low – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price reached a new 52-week low during trading on Wednesday . The company traded as low as $3.02 and last traded at $3.19, with a volume of 2642479 shares. The stock had previously closed at $3.20.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. The Goldman Sachs Group reduced their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Leerink Partners cut their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Tuesday, January 14th. Finally, Stifel Nicolaus cut their price objective on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.80.

Relay Therapeutics Price Performance

The company has a market capitalization of $589.94 million, a PE ratio of -1.33 and a beta of 1.65. The company has a 50-day moving average of $4.21 and a two-hundred day moving average of $5.43.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 36,036 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total value of $166,846.68. Following the transaction, the chief financial officer now directly owns 263,190 shares in the company, valued at $1,218,569.70. The trade was a 12.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. The trade was a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 570,152 shares of company stock worth $2,491,157. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently made changes to their positions in the business. Martingale Asset Management L P lifted its position in shares of Relay Therapeutics by 3.5% in the fourth quarter. Martingale Asset Management L P now owns 80,371 shares of the company’s stock valued at $331,000 after acquiring an additional 2,700 shares in the last quarter. Virtus ETF Advisers LLC lifted its position in shares of Relay Therapeutics by 26.2% in the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock worth $61,000 after buying an additional 3,092 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Relay Therapeutics by 1.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company’s stock worth $902,000 after buying an additional 3,325 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Relay Therapeutics by 41.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after buying an additional 3,760 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after buying an additional 4,000 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other 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.