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

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $4.89, but opened at $4.75. Relay Therapeutics shares last traded at $4.69, with a volume of 86,752 shares trading hands.

Specifically, CEO Sanjiv Patel sold 125,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $4.80, for a total transaction of $600,000.00. Following the completion of the sale, the chief executive officer now owns 324,548 shares of the company’s stock, valued at $1,557,830.40. This represents a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RLAY shares. Leerink Partners dropped their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $16.00 price objective 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Down 4.0 %

The firm has a market cap of $785.68 million, a price-to-earnings ratio of -1.80 and a beta of 1.60. The company’s 50-day moving average price is $4.55 and its 200-day moving average price is $6.20.

Relay Therapeutics (NASDAQ:RLAY) last issued its 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 firm’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.54) earnings per share. On average, sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Trading of Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. Eventide Asset Management LLC acquired a new stake in Relay Therapeutics in the third quarter valued at approximately $18,989,000. Walleye Capital LLC raised its holdings in Relay Therapeutics by 6,659.2% during the third 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares in the last quarter. Franklin Resources Inc. raised its holdings in Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after purchasing an additional 1,361,779 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Relay Therapeutics during the third quarter worth approximately $9,554,000. 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.