Insider Selling: Relay Therapeutics (NASDAQ:RLAY) CEO Sells $434,511.00 in Stock

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 62,073 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $7.00, for a total transaction of $434,511.00. Following the transaction, the chief executive officer owned 703,215 shares in the company, valued at approximately $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $6.53 on Friday. Relay Therapeutics, Inc. has a 52 week low of $1.77 and a 52 week high of $7.64. The firm has a 50-day moving average price of $5.50 and a two-hundred day moving average price of $4.08. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -3.35 and a beta of 1.76.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). As a group, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new position in Relay Therapeutics during the first quarter worth about $41,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Relay Therapeutics by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 63,606 shares of the company’s stock valued at $157,000 after buying an additional 22,307 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Relay Therapeutics by 14.9% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 68,937 shares of the company’s stock worth $181,000 after buying an additional 8,937 shares during the period. CWM LLC boosted its holdings in Relay Therapeutics by 368.6% in the 1st quarter. CWM LLC now owns 20,269 shares of the company’s stock worth $53,000 after buying an additional 15,944 shares during the period. Finally, Private Capital Advisors Inc. purchased a new position in Relay Therapeutics in the 1st quarter valued at approximately $262,000. 96.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Tuesday, October 14th. HC Wainwright cut their price target on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, August 26th. Raymond James Financial decreased their price objective on shares of Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a report on Friday, August 8th. Finally, Guggenheim began coverage on shares of Relay Therapeutics in a research note on Thursday, September 4th. They issued a “buy” rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

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.