Relay Therapeutics (NASDAQ:RLAY) Shares Break Above 50 Day Moving Average – Time to Sell?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $18.59 and traded as high as $18.96. Relay Therapeutics shares last traded at $18.84, with a volume of 2,258,206 shares traded.

Analyst Ratings Changes

Several equities analysts recently commented on RLAY shares. Weiss Ratings restated a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Friday, October 2nd. Guggenheim reiterated a “buy” rating on shares of Relay Therapeutics in a research report on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of Relay Therapeutics in a research report on Monday, August 10th. Canaccord Genuity Group started coverage on shares of Relay Therapeutics in a report on Thursday, July 16th. They issued a “buy” rating and a $29.00 price objective for the company. Finally, Zacks Research raised Relay Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.92.

Relay Therapeutics Stock Performance

The business has a fifty day moving average of $18.54 and a 200-day moving average of $14.90. The company has a market capitalization of $4.27 billion, a P/E ratio of -12.40 and a beta of 1.72.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.02). The company had revenue of $0.35 million for the quarter, compared to the consensus estimate of $0.96 million. Sell-side analysts anticipate that Relay Therapeutics, Inc. will post -1.61 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 4,508 shares of Relay Therapeutics stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $20.03, for a total transaction of $90,295.24. Following the transaction, the insider directly owned 223,657 shares of the company’s stock, valued at $4,479,849.71. The trade was a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $18.10, for a total transaction of $872,401.90. Following the completion of the sale, the chief executive officer owned 471,301 shares of the company’s stock, valued at approximately $8,530,548.10. The trade was a 9.28% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 6,144,870 shares of company stock worth $119,102,319. 5.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Relay Therapeutics during the second quarter valued at approximately $286,042,000. Perceptive Advisors LLC raised its stake in shares of Relay Therapeutics by 412.3% during the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock worth $97,024,000 after purchasing an additional 7,847,896 shares during the period. Spruce Street Capital LP purchased a new position in shares of Relay Therapeutics in the 2nd quarter worth about $55,832,979. Dimensional Fund Advisors LP boosted its holdings in shares of Relay Therapeutics by 18.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock worth $29,248,000 after buying an additional 460,186 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in Relay Therapeutics during the second quarter valued at about $50,425,000. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

About Relay Therapeutics

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company’s pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.