Relay Therapeutics (NASDAQ:RLAY) Sets New 12-Month Low on Insider Selling

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $4.23 and last traded at $4.25, with a volume of 1299927 shares changing hands. The stock had previously closed at $4.50.

Specifically, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the transaction, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at $2,872,740. The trade was a 14.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

RLAY has been the topic of several analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research report on Thursday, December 12th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $10.60 to $16.00 in a research report on Tuesday, September 10th. HC Wainwright dropped their price target on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, December 4th. Barclays increased their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Bank of America lifted their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Down 2.3 %

The firm has a market cap of $696.31 million, a PE ratio of -1.59 and a beta of 1.59. The business has a 50-day moving average price of $5.43 and a two-hundred day moving average price of $6.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same period last year, the business posted ($0.54) earnings per share. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. Eventide Asset Management LLC purchased a new position in Relay Therapeutics in the third quarter valued at approximately $18,989,000. Walleye Capital LLC boosted its holdings in shares of Relay Therapeutics by 6,659.2% in the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after buying an additional 1,793,057 shares in the last quarter. Franklin Resources Inc. grew its position in shares of 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 during the last quarter. Point72 Asset Management L.P. acquired a new stake in Relay Therapeutics during the 3rd quarter worth $9,554,000. Finally, Logos Global Management LP purchased a new stake in Relay Therapeutics in the second quarter valued at $8,476,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.