Why Relay Therapeutics Shares Are Getting Hammered

Relay Therapeutics Inc RLAY shares are trading lower by 11.33% to $25.54 Tuesday morning after the company priced a roughly 11.32 million share public offering of common stock at $26.50 per share.

The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $300 million, excluding any exercise of the underwriters' option to purchase additional shares.

All of the shares in the offering are to be sold by Relay Therapeutics.

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According to data from Benzinga Pro, Relay Therapeutics has a 52-week high of $38.15 and a 52-week low of $12.65.