Relay Therapeutics (NASDAQ:RLAY) Trading Down 5% – Time to Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price dropped 5% during mid-day trading on Friday . The stock traded as low as $7.64 and last traded at $7.5990. Approximately 193,321 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 2,125,366 shares. The stock had previously closed at $8.00.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Tuesday, October 14th. Raymond James Financial cut their price target on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a research note on Friday, August 8th. HC Wainwright dropped their price objective on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 26th. Wells Fargo & Company boosted their target price on Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Friday, November 7th. Finally, Guggenheim started coverage on Relay Therapeutics in a research note on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.57.

Relay Therapeutics Price Performance

The business has a 50 day simple moving average of $6.66 and a 200-day simple moving average of $4.63. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -4.38 and a beta of 1.50.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.04). As a group, equities analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Activity

In related news, insider Peter Rahmer sold 21,394 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $7.50, for a total transaction of $160,455.00. Following the transaction, the insider owned 337,469 shares in the company, valued at $2,531,017.50. The trade was a 5.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 21,664 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total transaction of $157,930.56. Following the completion of the sale, the chief financial officer owned 313,631 shares of the company’s stock, valued at $2,286,369.99. The trade was a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,163 shares of company stock valued at $1,117,630 over the last quarter. 4.87% of the stock is owned by corporate insiders.

Institutional Trading of Relay Therapeutics

Several large investors have recently made changes to their positions in the company. CIBC Bancorp USA Inc. acquired a new position in Relay Therapeutics during the 3rd quarter worth approximately $74,000. Mayport LLC purchased a new position in Relay Therapeutics during the 3rd quarter worth $259,000. Abel Hall LLC purchased a new stake in Relay Therapeutics in the 3rd quarter valued at about $58,000. TCG Crossover Management LLC bought a new stake in shares of Relay Therapeutics during the third quarter valued at about $9,450,000. Finally, Prelude Capital Management LLC grew its holdings in shares of Relay Therapeutics by 18.7% during the 3rd quarter. Prelude Capital Management LLC now owns 19,700 shares of the company’s stock valued at $103,000 after purchasing an additional 3,100 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.