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

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares fell 6% on Thursday following insider selling activity. 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 business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total transaction of $600,000.00. Following the completion of the transaction, the chief executive officer now owns 324,548 shares in the company, valued at $1,557,830.40. The trade was a 27.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

RLAY has been the subject of a number of recent analyst reports. Leerink Partners dropped their price objective on 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 reiterated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Price Performance

The company has a market cap of $811.79 million, a P/E ratio of -1.86 and a beta of 1.60. The business has a 50-day moving average of $4.54 and a two-hundred day moving average of $6.19.

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

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC purchased a new position in shares of Relay Therapeutics during the 2nd quarter valued at approximately $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at about $63,000. Portland Investment Counsel Inc. purchased a new position in Relay Therapeutics during the third quarter worth approximately $71,000. Values First Advisors Inc. acquired a new stake in Relay Therapeutics in the third quarter valued at approximately $75,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Relay Therapeutics in the third quarter valued at approximately $134,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.