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

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price fell 6% on Thursday after an insider sold shares in the company. The company traded as low as $4.65 and last traded at $4.63. 162,550 shares were traded during mid-day trading, a decline of 95% from the average session volume of 3,095,833 shares. The stock had previously closed at $4.92.

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

Analyst Ratings Changes

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

Relay Therapeutics Stock Performance

The company has a market capitalization of $811.79 million, a PE ratio of -1.86 and a beta of 1.60. The company has a 50 day moving average price of $4.54 and a 200 day moving average price of $6.19.

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

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently modified their holdings of RLAY. Eventide Asset Management LLC bought a new stake in Relay Therapeutics in the third quarter valued at about $18,989,000. Walleye Capital LLC increased its holdings in shares of Relay Therapeutics by 6,659.2% in the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after acquiring an additional 1,793,057 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after acquiring an additional 1,554,115 shares in the last quarter. Franklin Resources Inc. lifted its stake 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 during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Relay Therapeutics in the third quarter worth $9,554,000. Institutional investors own 96.98% of the company’s stock.

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.