Insider Selling: Relay Therapeutics, Inc. (NASDAQ:RLAY) Insider Sells 26,701 Shares of Stock

Key Points

• Insider Donald A. Bergstrom sold 26,701 shares of Relay Therapeutics stock at an average price of $3.68, decreasing his position by 4.61%.
• Relay Therapeutics reported a quarterly EPS of ($0.46), outperforming estimates, but its revenue fell by 23% year-over-year.
• The stock currently has a market cap of $622.36 million and a consensus rating of "Moderate Buy" with an average target price of $17.67.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) insider Donald A. Bergstrom sold 26,701 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $98,259.68. Following the completion of the transaction, the insider directly owned 552,720 shares of the company's stock, valued at $2,034,009.60. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Relay Therapeutics Stock Down 4.5%

RLAY stock traded down $0.16 during trading on Friday, hitting $3.36. 2,789,532 shares of the company's stock traded hands, compared to its average volume of 2,326,051. The firm has a market capitalization of $576.06 million, a P/E ratio of -1.51 and a beta of 1.62. The business has a fifty day simple moving average of $3.41 and a two-hundred day simple moving average of $3.40. Relay Therapeutics, Inc. has a 1 year low of $1.77 and a 1 year high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. The business's quarterly revenue was down 23.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.62) earnings per share. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Relay Therapeutics during the fourth quarter valued at $779,000. Thrivent Financial for Lutherans grew its stake in shares of Relay Therapeutics by 3.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 166,668 shares of the company's stock valued at $687,000 after buying an additional 6,210 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Relay Therapeutics by 19.5% in the 4th quarter. Teacher Retirement System of Texas now owns 33,720 shares of the company's stock valued at $139,000 after buying an additional 5,492 shares during the period. American Century Companies Inc. lifted its holdings in shares of Relay Therapeutics by 23.3% in the 4th quarter. American Century Companies Inc. now owns 272,166 shares of the company's stock worth $1,121,000 after acquiring an additional 51,499 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Relay Therapeutics during the 4th quarter worth approximately $102,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLAY has been the subject of several recent analyst reports. Guggenheim dropped their target price on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company assumed coverage on shares of Relay Therapeutics in a report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.67.

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.