By otakuyassine3@gmail.com 
Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report)’s stock price hit a new 52-week low on Wednesday after an insider sold shares in the company. The stock traded as low as $4.23 and last traded at $4.25, with a volume of 1299927 shares changing hands. The stock had previously closed at $4.50.
Specifically, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at approximately $2,872,740. This trade represents a 14.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
Analyst Upgrades and Downgrades
RLAY has been the subject of several recent research reports. Leerink Partners reduced their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. Stifel Nicolaus restated a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a research report on Monday, September 16th. Bank of America upped their price objective on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.
Check Out Our Latest Stock Report on Relay Therapeutics
Relay Therapeutics Price Performance
The company has a market capitalization of $696.31 million, a PE ratio of -1.59 and a beta of 1.59. The business’s 50 day simple moving average is $5.43 and its 200 day simple moving average is $6.64.
Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. The business’s revenue was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.54) EPS. As a group, analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Eventide Asset Management LLC purchased a new stake in Relay Therapeutics during the 3rd quarter worth about $18,989,000. Walleye Capital LLC grew its position in shares of Relay Therapeutics by 6,659.2% during the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock worth $12,885,000 after buying an additional 1,793,057 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the period. Point72 Asset Management L.P. acquired a new stake in Relay Therapeutics in the third quarter valued at approximately $9,554,000. Finally, Logos Global Management LP acquired a new stake in Relay Therapeutics in the second quarter valued at approximately $8,476,000. 96.98% of the stock is currently 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.
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