Relay Therapeutics (NASDAQ:RLAY) Trading Down 4.8% After Insider Selling

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price traded down 4.8% on Tuesday following insider selling activity. The company traded as low as $6.07 and last traded at $6.09. 84,547 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 1,218,600 shares. The stock had previously closed at $6.40.

Specifically, CFO Thomas Catinazzo sold 9,373 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Relay Therapeutics news, insider Peter Rahmer sold 20,450 shares of Relay Therapeutics stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the transaction, the insider now owns 432,425 shares of the company’s stock, valued at $3,052,920.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 9,373 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders sold a total of 53,375 shares of company stock valued at $354,836 over the last 90 days. Insiders own 4.32% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JMP Securities reiterated a “market outperform” rating and set a $24.00 price target on shares of Relay Therapeutics in a research report on Monday, May 6th. Barclays raised shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price target on the stock in a research note on Friday, May 10th. Oppenheimer reissued an “outperform” rating and issued a $25.00 price target (down previously from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $20.00 price objective on shares of Relay Therapeutics in a report on Friday, June 7th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $22.80.

Relay Therapeutics Stock Down 3.1 %

The company has a 50-day moving average of $6.82 and a 200 day moving average of $8.46. The stock has a market capitalization of $832.28 million, a PE ratio of -2.38 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, May 2nd. The company reported ($0.62) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.08. The business had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. Relay Therapeutics’s quarterly revenue was up 4327.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.78) earnings per share. As a group, equities analysts predict that Relay Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in Relay Therapeutics during the first quarter worth about $79,000. Virtu Financial LLC purchased a new stake in shares of Relay Therapeutics during the 1st quarter valued at approximately $87,000. Los Angeles Capital Management LLC lifted its holdings in Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after acquiring an additional 2,850 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Relay Therapeutics in the fourth quarter worth approximately $126,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Relay Therapeutics during the first quarter worth $127,000. Hedge funds and other 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.