Relay Therapeutics (NASDAQ:RLAY) Shares Down 6% After Insider Selling

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) were down 6% during trading on Thursday following insider selling activity. The stock traded as low as $4.65 and last traded at $4.63. Approximately 162,550 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 3,095,833 shares. The stock had previously closed at $4.92.

Specifically, CEO Sanjiv Patel sold 125,000 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total value of $600,000.00. Following the sale, the chief executive officer now directly owns 324,548 shares of the company’s stock, valued at $1,557,830.40. The trade was a 27.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Ratings Changes

Several research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, January 14th. Leerink Partners reduced their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. Finally, JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Relay Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Trading Down 0.8 %

The firm has a market cap of $811.79 million, a price-to-earnings ratio of -1.86 and a beta of 1.60. The stock’s fifty day moving average price is $4.54 and its 200-day moving average price is $6.19.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same period last year, the firm posted ($0.54) EPS. Relay Therapeutics’s revenue for the quarter was down 100.0% compared to the same quarter last year. Analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Relay Therapeutics by 37.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 35,491 shares of the company’s stock worth $146,000 after acquiring an additional 9,740 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Relay Therapeutics by 40.8% during the fourth quarter. SG Americas Securities LLC now owns 77,557 shares of the company’s stock worth $320,000 after purchasing an additional 22,473 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after purchasing an additional 1,554,115 shares during the period. Exome Asset Management LLC acquired a new position in shares of Relay Therapeutics in the third quarter valued at approximately $2,936,000. Finally, Franklin Resources Inc. grew its stake in shares of Relay Therapeutics by 3,883.8% in the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after acquiring an additional 1,361,779 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.