Relay Therapeutics (NASDAQ:RLAY) Shares Down 7.6%

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares 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 traded hands during trading, a decline of 89% from the average daily volume of 1,136,857 shares. The stock had previously closed at $6.35.

Wall Street Analysts Forecast Growth

RLAY has been the subject of a number of recent analyst reports. Leerink Partnrs restated an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Stifel Nicolaus upped their price objective on shares of Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $26.00.

Relay Therapeutics Stock Performance

The stock’s 50-day moving average price is $8.24 and its two-hundred day moving average price is $8.82. The stock has a market capitalization of $843.01 million, a PE ratio of -2.28 and a beta of 1.63.

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

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Algert Global LLC increased its stake in Relay Therapeutics by 61.6% during the 3rd quarter. Algert Global LLC now owns 200,823 shares of the company’s stock valued at $1,689,000 after purchasing an additional 76,573 shares in the last quarter. Trexquant Investment LP increased its position in shares of Relay Therapeutics by 926.5% during the third quarter. Trexquant Investment LP now owns 198,671 shares of the company’s stock valued at $1,671,000 after acquiring an additional 179,317 shares in the last quarter. Swiss National Bank increased its holdings in shares of Relay Therapeutics by 1.2% in the 3rd quarter. Swiss National Bank now owns 173,800 shares of the company’s stock worth $1,462,000 after purchasing an additional 2,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Relay Therapeutics by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 714,805 shares of the company’s stock worth $6,012,000 after buying an additional 42,411 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Relay Therapeutics by 13.4% in the third quarter. Deutsche Bank AG now owns 51,779 shares of the company’s stock worth $435,000 after acquiring an additional 6,119 shares during the period. 96.98% of the stock is currently owned by institutional investors.

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.