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

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

Relay Therapeutics Trading Down 6.7 %

Shares of RLAY traded down $0.30 during midday trading on Wednesday, hitting $4.20. 2,240,830 shares of the company’s stock traded hands, compared to its average volume of 1,548,122. Relay Therapeutics, Inc. has a 1 year low of $4.11 and a 1 year high of $12.14. The firm’s fifty day moving average is $5.52 and its 200-day moving average is $6.67. The stock 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 posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.54) EPS. On average, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RLAY. JMP Securities restated a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 target price on shares of Relay Therapeutics in a report on Monday, September 16th. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. cut 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 report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently bought and sold shares of the company. Eventide Asset Management LLC purchased a new position in Relay Therapeutics during the third quarter valued at approximately $18,989,000. Walleye Capital LLC grew its stake in shares of Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock worth $12,885,000 after purchasing an additional 1,793,057 shares during the period. Franklin Resources Inc. increased its holdings in shares of Relay Therapeutics by 3,883.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after purchasing an additional 1,361,779 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Relay Therapeutics in the 3rd quarter valued at $9,554,000. Finally, Logos Global Management LP purchased a new stake in Relay Therapeutics during the second quarter worth $8,476,000. Hedge funds and other institutional investors 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.