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

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares gapped down before the market opened on Friday following insider selling activity. 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 Relay Therapeutics stock in a transaction that occurred 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 owns 324,548 shares of the company’s stock, valued at $1,557,830.40. The trade was a 27.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

RLAY has been the topic of a number of analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. 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. Finally, HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Tuesday, January 14th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Stock Performance

The firm’s 50 day moving average is $4.55 and its 200-day moving average is $6.20. The stock has a market capitalization of $785.68 million, a price-to-earnings ratio of -1.80 and a beta of 1.60.

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

Hedge Funds Weigh In On Relay Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Bellevue Group AG raised its position in Relay Therapeutics by 15.7% during the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock worth $52,230,000 after acquiring an additional 1,000,069 shares during the period. JPMorgan Chase & Co. raised its position in 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 period. State Street Corp raised its position in Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after acquiring an additional 51,810 shares during the period. Braidwell LP raised its position in Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after acquiring an additional 492,628 shares during the period. Finally, Geode Capital Management LLC raised its position in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after acquiring an additional 367,473 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.