Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sells 100,000 Shares

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the sale, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock traded down $0.30 during trading on Wednesday, reaching $4.20. 2,240,830 shares of the stock traded hands, compared to its average volume of 1,548,122. Relay Therapeutics, Inc. has a 52-week low of $4.11 and a 52-week high of $12.14. The business has a fifty day simple moving average of $5.52 and a two-hundred day simple moving average of $6.67. The company has a market capitalization of $703.01 million, a price-to-earnings ratio of -1.61 and a beta of 1.59.

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

Institutional Trading of Relay Therapeutics

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of Relay Therapeutics by 15.7% in the second quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock valued at $2,312,000 after acquiring an additional 48,219 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Relay Therapeutics by 304.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 38,656 shares of the company’s stock worth $252,000 after purchasing an additional 29,087 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Relay Therapeutics by 4.8% during the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after buying an additional 7,508 shares during the period. Victory Capital Management Inc. grew its stake in shares of Relay Therapeutics by 11.2% during the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock valued at $499,000 after buying an additional 7,680 shares during the last quarter. Finally, Candriam S.C.A. raised its holdings in shares of Relay Therapeutics by 38.4% in the second quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock worth $4,586,000 after buying an additional 195,000 shares during the period. 96.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RLAY shares. The Goldman Sachs Group began coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. Bank of America upped their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Barclays raised their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.