Relay Therapeutics (NASDAQ:RLAY) Trading Down 4.9%

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) fell 4.9% on Wednesday . The company traded as low as $6.40 and last traded at $6.41. 512,641 shares were traded during trading, a decline of 53% from the average session volume of 1,088,860 shares. The stock had previously closed at $6.74.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RLAY. Leerink Partnrs restated an “outperform” rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd. Stifel Nicolaus upped their target price on shares of Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.69.

Relay Therapeutics Price Performance

The business’s fifty day moving average price is $8.68 and its 200 day moving average price is $8.93.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Relay Therapeutics by 2.1% during the 1st quarter. Bank of New York Mellon Corp now owns 286,886 shares of the company’s stock valued at $8,586,000 after acquiring an additional 5,958 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Relay Therapeutics by 55.4% during the 1st quarter. MetLife Investment Management LLC now owns 37,962 shares of the company’s stock valued at $1,136,000 after acquiring an additional 13,536 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Relay Therapeutics by 7.8% during the 1st quarter. Rhumbline Advisers now owns 75,438 shares of the company’s stock valued at $2,258,000 after acquiring an additional 5,437 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Relay Therapeutics by 48.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 2,494 shares of the company’s stock valued at $79,000 after acquiring an additional 819 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Relay Therapeutics during the 1st quarter worth about $1,733,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.