Relay Therapeutics (NASDAQ:RLAY) Trading Down 5.2%

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) traded down 5.2% on Tuesday . The company traded as low as $6.69 and last traded at $6.69. 305,871 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,127,218 shares. The stock had previously closed at $7.06.

Analyst Ratings Changes

Several research firms have recently commented on RLAY. JMP Securities reissued a “market outperform” rating and issued a $24.00 price objective on shares of Relay Therapeutics in a report on Monday. Leerink Partnrs reissued an “outperform” rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $25.00 target price (down from $33.00) on shares of Relay Therapeutics in a report on Monday. Finally, Stifel Nicolaus raised their price objective on Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.00.

Relay Therapeutics Stock Down 4.5 %

The firm has a market capitalization of $894.67 million, a price-to-earnings ratio of -2.54 and a beta of 1.68. The company’s 50 day moving average is $7.80 and its 200 day moving average is $8.80.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The firm had revenue of $10.01 million for the quarter, compared to analyst estimates of $0.12 million. During the same quarter in the prior year, the business posted ($0.78) EPS. The business’s revenue was up 4327.9% compared to the same quarter last year. On average, analysts expect that Relay Therapeutics, Inc. will post -2.84 EPS for the current year.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Relay Therapeutics by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 10,650,387 shares of the company’s stock worth $117,261,000 after purchasing an additional 98,025 shares in the last quarter. Bellevue Group AG lifted its position in Relay Therapeutics by 21.5% during the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares during the period. BVF Inc. IL increased its holdings in Relay Therapeutics by 67.8% in the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after buying an additional 1,604,240 shares during the period. Norges Bank bought a new position in Relay Therapeutics in the 4th quarter valued at about $33,789,000. Finally, Finepoint Capital LP raised its position in shares of Relay Therapeutics by 51.3% in the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after buying an additional 447,000 shares in the last quarter. Institutional investors own 96.98% of the company’s stock.

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.