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

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

Analyst Upgrades and Downgrades

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

Relay Therapeutics Trading Down 0.3 %

The company has a market capitalization of $533.95 million, a price-to-earnings ratio of -1.22 and a beta of 1.61. The firm’s 50 day simple moving average is $4.25 and its 200-day simple moving average is $5.46.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. As a group, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 140,182 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $539,700.70. Following the completion of the transaction, the chief executive officer now owns 625,948 shares of the company’s stock, valued at $2,409,899.80. This represents a 18.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Peter Rahmer sold 32,156 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total transaction of $133,447.40. Following the sale, the insider now directly owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. This trade represents a 8.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 570,152 shares of company stock worth $2,491,157 in the last three months. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLAY. Thrivent Financial for Lutherans grew its holdings in Relay Therapeutics by 33.7% during the third quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company’s stock worth $1,137,000 after acquiring an additional 40,447 shares during the period. First Turn Management LLC acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at about $8,683,000. Intech Investment Management LLC acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at about $256,000. Charles Schwab Investment Management Inc. raised its stake in shares of Relay Therapeutics by 26.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after acquiring an additional 214,398 shares in the last quarter. Finally, Valence8 US LP bought a new position in shares of Relay Therapeutics in the 3rd quarter valued at approximately $185,000. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Company Profile

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.