Relay Therapeutics (NASDAQ:RLAY) Shares Down 7.6%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price dropped 7.6% during mid-day trading on Thursday . The stock traded as low as $5.83 and last traded at $5.87. Approximately 127,207 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,136,857 shares. The stock had previously closed at $6.35.

Analysts Set New Price Targets

RLAY has been the topic of several analyst reports. Leerink Partnrs reiterated an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Stifel Nicolaus boosted their target price on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, February 22nd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $26.00.

Relay Therapeutics Stock Down 3.0 %

The company’s 50-day simple moving average is $8.42 and its 200 day simple moving average is $8.86. The firm has a market capitalization of $808.07 million, a PE ratio of -2.10 and a beta of 1.63.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.67) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.09. Relay Therapeutics had a negative return on equity of 42.43% and a negative net margin of 1,263.49%. During the same quarter in the previous year, the company posted ($0.56) earnings per share. On average, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Relay Therapeutics during the fourth quarter valued at $33,789,000. BVF Inc. IL raised its holdings in shares of Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after acquiring an additional 1,604,240 shares during the last quarter. Bellevue Group AG lifted its position in shares of Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after acquiring an additional 1,051,082 shares in the last quarter. Finepoint Capital LP increased its position in shares of Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new position in Relay Therapeutics in the 4th quarter valued at $3,303,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.