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

Relay Therapeutics, Inc. (NASDAQ:RLAY) gapped down before the market opened 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 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 directly owns 324,548 shares of the company’s stock, valued at $1,557,830.40. This trade represents a 27.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Leerink Partners dropped their target price 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. HC Wainwright reissued a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Down 0.8 %

The firm’s 50 day simple moving average is $4.54 and its 200-day simple moving average is $6.19. The company has a market capitalization of $811.79 million, a PE ratio of -1.86 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter last year, the firm earned ($0.54) EPS. Relay Therapeutics’s revenue was down 100.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Trading of Relay Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC acquired a new stake in shares of Relay Therapeutics during the third quarter worth $18,989,000. Walleye Capital LLC grew its position in shares of Relay Therapeutics by 6,659.2% during the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock worth $12,885,000 after acquiring an additional 1,793,057 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after acquiring an additional 1,554,115 shares during the last quarter. Franklin Resources Inc. grew its position in Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after buying an additional 1,361,779 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Relay Therapeutics in the 3rd quarter valued at about $9,554,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.