Relay Therapeutics (NASDAQ:RLAY) Trading Down 6.7% on Analyst Downgrade

Posted by Defense World Staff on Aug 8th, 2024

Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report)’s stock price dropped 6.7% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $29.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Relay Therapeutics traded as low as $6.57 and last traded at $6.71. Approximately 66,823 shares changed hands during trading, a decline of 95% from the average daily volume of 1,219,911 shares. The stock had previously closed at $7.19.

Several other equities analysts have also weighed in on RLAY. JMP Securities reduced their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, July 18th. HC Wainwright decreased their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Oppenheimer decreased their target price on Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Barclays reduced their target price on Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, Relay Therapeutics presently has a consensus rating of “Buy” and an average price target of $21.67.

Read Our Latest Report on RLAY

Insiders Place Their Bets

In related news, insider Peter Rahmer sold 20,450 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the transaction, the insider now directly owns 432,425 shares of the company’s stock, valued at approximately $3,052,920.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the sale, the chief executive officer now owns 766,130 shares in the company, valued at $6,948,799.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 20,450 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the sale, the insider now directly owns 432,425 shares in the company, valued at approximately $3,052,920.50. The disclosure for this sale can be found here. Insiders sold 125,052 shares of company stock valued at $988,396 over the last quarter. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Relay Therapeutics during the first quarter worth approximately $79,000. Virtu Financial LLC acquired a new stake in Relay Therapeutics during the 1st quarter valued at $87,000. Victory Capital Management Inc. bought a new position in Relay Therapeutics in the 4th quarter valued at $126,000. Quest Partners LLC acquired a new position in Relay Therapeutics in the fourth quarter worth $147,000. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after purchasing an additional 2,850 shares during the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Price Performance

The stock has a 50 day moving average price of $7.45 and a two-hundred day moving average price of $7.90. The company has a market capitalization of $878.74 million, a price-to-earnings ratio of -2.51 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the business earned ($0.81) EPS. Sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.83 EPS for the current fiscal year.

About Relay Therapeutics

(Get Free Report)

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.