Relay Therapeutics (NASDAQ:RLAY) Stock Price Down 6.7% – Should You Sell?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) dropped 6.7% during mid-day trading on Thursday . The company traded as low as $3.42 and last traded at $3.42. Approximately 2,434,788 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 2,246,512 shares. The stock had previously closed at $3.66.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RLAY shares. Leerink Partners cut their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. The Goldman Sachs Group reduced their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a research note on Friday, March 7th. Finally, Stifel Nicolaus lowered their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Trading Up 7.3 %

The company has a market cap of $620.45 million, a price-to-earnings ratio of -1.40 and a beta of 1.65. The business has a 50-day moving average price of $4.12 and a 200 day moving average price of $5.28.

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

Insiders Place Their Bets

In related news, insider Peter Rahmer sold 32,156 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 75,324 shares of Relay Therapeutics stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $3.70, for a total value of $278,698.80. Following the transaction, the chief executive officer now directly owns 883,089 shares in the company, valued at approximately $3,267,429.30. This trade represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 570,152 shares of company stock worth $2,491,157 over the last ninety days. 4.32% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

A number of hedge funds have recently made changes to their positions in RLAY. Steward Partners Investment Advisory LLC increased its stake in Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after buying an additional 4,000 shares during the period. Stifel Financial Corp purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at $42,000. Twinbeech Capital LP acquired a new position in shares of Relay Therapeutics in the fourth quarter worth $42,000. Cibc World Markets Corp purchased a new stake in shares of Relay Therapeutics during the fourth quarter worth $47,000. Finally, Summit Investment Advisors Inc. boosted its position in Relay Therapeutics by 41.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock valued at $52,000 after purchasing an additional 3,760 shares during the last quarter. 96.98% of the stock is 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.