Why Relay Therapeutics (RLAY) Stock Is Down 17% Today
Portfolio Pulse from Henry Khederian
Relay Therapeutics (RLAY) stock fell by 17.8% to $7.40 after the company announced a $200 million stock offering. The offering involves 28.57 million shares at $7.00 each, with an option for underwriters to purchase an additional 4.29 million shares. The offering is expected to close around September 12. RLAY shares have decreased by 20.97% over the past year and have an RSI of 75.61, indicating overbought conditions.
September 11, 2024 | 4:22 pm
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Relay Therapeutics' stock dropped 17.8% due to a $200 million stock offering priced at $7 per share. The offering is expected to close by September 12, and the stock is currently in overbought conditions with an RSI of 75.61.
The significant drop in RLAY's stock price is directly linked to the announcement of a large stock offering, which typically dilutes existing shares and can lead to a decrease in stock price. The RSI indicates overbought conditions, suggesting potential for further price adjustments.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100