Insider Selling: Relay Therapeutics (NASDAQ:RLAY) CEO Sells 62,073 Shares of Stock

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 62,073 shares of Relay Therapeutics stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $7.00, for a total value of $434,511.00. Following the completion of the sale, the chief executive officer directly owned 703,215 shares of the company’s stock, valued at $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Relay Therapeutics Price Performance

Shares of NASDAQ RLAY traded down $0.08 during midday trading on Tuesday, hitting $6.86. The stock had a trading volume of 2,263,727 shares, compared to its average volume of 2,124,476. The company’s 50-day simple moving average is $5.32 and its 200 day simple moving average is $4.02. The firm has a market cap of $1.18 billion, a P/E ratio of -3.52 and a beta of 1.75. Relay Therapeutics, Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $7.64.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.08. The firm had revenue of $0.70 million during the quarter, compared to analyst estimates of $0.07 million. Equities analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. Commodore Capital LP bought a new stake in Relay Therapeutics during the second quarter worth $46,191,000. Woodline Partners LP lifted its stake in Relay Therapeutics by 448.4% during the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock worth $3,979,000 after purchasing an additional 1,241,657 shares during the last quarter. Bellevue Group AG boosted its holdings in shares of Relay Therapeutics by 11.6% during the 2nd quarter. Bellevue Group AG now owns 8,230,870 shares of the company’s stock valued at $28,479,000 after acquiring an additional 853,578 shares in the last quarter. Norges Bank acquired a new stake in shares of Relay Therapeutics during the 2nd quarter valued at $2,892,000. Finally, Bank of America Corp DE boosted its holdings in shares of Relay Therapeutics by 138.1% during the 2nd quarter. Bank of America Corp DE now owns 1,320,130 shares of the company’s stock valued at $4,568,000 after acquiring an additional 765,702 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RLAY has been the topic of several recent analyst reports. HC Wainwright reduced their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, August 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. Guggenheim assumed coverage on Relay Therapeutics in a report on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Raymond James Financial cut their price target on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Relay Therapeutics Company Profile

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.