Relay Therapeutics (NASDAQ:RLAY) Shares Down 7.6%

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Leerink Partnrs reaffirmed an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Stifel Nicolaus raised their price target on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $26.00.

Relay Therapeutics Stock Performance

The firm has a market capitalization of $843.01 million, a price-to-earnings ratio of -2.28 and a beta of 1.63. The company has a 50 day moving average price of $8.24 and a two-hundred day moving average price of $8.82.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.67) EPS for the quarter, topping the consensus estimate 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 last year, the firm posted ($0.56) earnings per share. On average, equities analysts expect that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Relay Therapeutics in the first quarter worth approximately $79,000. Los Angeles Capital Management LLC raised its position in shares of Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after buying an additional 2,850 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Relay Therapeutics in the fourth quarter worth about $126,000. Aigen Investment Management LP acquired a new position in Relay Therapeutics during the third quarter worth about $142,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in Relay Therapeutics during the 1st quarter valued at about $146,000. 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.