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

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share 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 changing hands.

Specifically, CEO Sanjiv Patel sold 125,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 324,548 shares in the company, valued at approximately $1,557,830.40. This trade represents a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. HC Wainwright reissued a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Finally, Leerink Partners dropped their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Performance

The company’s 50 day moving average price is $4.54 and its 200 day moving average price is $6.19. The company has a market cap of $811.79 million, a price-to-earnings ratio of -1.86 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. The business’s revenue was down 100.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.54) earnings per share. As a group, analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics during the 2nd quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Relay Therapeutics during the 3rd quarter worth about $63,000. Portland Investment Counsel Inc. bought a new stake in Relay Therapeutics during the 3rd quarter worth about $71,000. Values First Advisors Inc. bought a new stake in Relay Therapeutics during the 3rd quarter worth about $75,000. Finally, Point72 DIFC Ltd bought a new stake in Relay Therapeutics during the 3rd quarter worth about $134,000. 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.