Insider Selling: Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sells 100,000 Shares of Stock

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 100,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Relay Therapeutics Trading Down 6.7 %

RLAY stock opened at $4.20 on Thursday. The firm has a 50-day moving average price of $5.48 and a 200-day moving average price of $6.66. Relay Therapeutics, Inc. has a 12 month low of $4.11 and a 12 month high of $12.14. The stock has a market capitalization of $703.01 million, a P/E ratio of -1.61 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. During the same quarter in the prior year, the company posted ($0.54) earnings per share. The business’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, equities analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics during the 2nd quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Relay Therapeutics during the third quarter valued at about $63,000. Portland Investment Counsel Inc. bought a new stake in shares of Relay Therapeutics during the third quarter worth about $71,000. Values First Advisors Inc. acquired a new position in shares of Relay Therapeutics in the third quarter valued at approximately $75,000. Finally, Point72 DIFC Ltd bought a new position in Relay Therapeutics in the 3rd quarter valued at approximately $134,000. 96.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RLAY has been the subject of several analyst reports. Bank of America boosted their price objective on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Barclays increased their price target on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. HC Wainwright cut their target price on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, December 4th. Finally, Leerink Partners decreased their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Relay Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

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.