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

Relay Therapeutics, Inc. (NASDAQ:RLAY) dropped 4.8% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $6.07 and last traded at $6.09. Approximately 84,547 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,218,600 shares. The stock had previously closed at $6.40.

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

Wall Street Analyst Weigh In

RLAY has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Relay Therapeutics in a report on Friday, June 7th. Barclays raised Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price on the stock in a report on Friday, May 10th. JMP Securities reaffirmed a “market outperform” rating and set a $24.00 target price on shares of Relay Therapeutics in a report on Monday, May 6th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $25.00 target price (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $22.80.

Relay Therapeutics Price Performance

The firm has a fifty day simple moving average of $6.83 and a 200 day simple moving average of $8.47. The company has a market capitalization of $858.83 million, a price-to-earnings ratio of -2.45 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.62) EPS for the quarter, beating the consensus estimate 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. During the same period in the previous year, the business posted ($0.78) earnings per share. The firm’s revenue for the quarter was up 4327.9% on a year-over-year basis. Research analysts predict that Relay Therapeutics, Inc. will post -2.81 EPS for the current year.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in RLAY. Norges Bank purchased a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $33,789,000. BVF Inc. IL lifted its position in shares of Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after acquiring an additional 1,604,240 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after acquiring an additional 1,165,282 shares in the last quarter. Bellevue Group AG lifted its position in shares of Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after acquiring an additional 1,051,082 shares in the last quarter. Finally, Finepoint Capital LP lifted its position in shares of Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after acquiring an additional 447,000 shares in the last quarter. 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.