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

Relay Therapeutics, Inc. (NASDAQ:RLAY) was down 6% on Thursday following insider selling activity. The company 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 the stock in a transaction dated Wednesday, January 22nd. The shares were 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 approximately $1,557,830.40. This represents a 27.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

A number of brokerages have issued reports on RLAY. Leerink Partners cut 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. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a report on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock 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 firm has a fifty day moving average price of $4.54 and a 200-day moving average price of $6.19.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. The company’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same period last year, the business earned ($0.54) earnings per share. Equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

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

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.