Walleye Capital LLC Sells 825,589 Shares of Relay Therapeutics, Inc. $RLAY

Key Points

• Walleye Capital LLC has reduced its stake in Relay Therapeutics by 89%, selling 825,589 shares and now holding 101,548 shares with a value of $266,000.
• Insider trading activity includes CEO Sanjiv Patel selling 61,379 shares and representing a 7.42% decrease in his ownership, while Peter Rahmer sold 15,724 shares, a 3.99% decrease.
• Analysts have downgraded Relay Therapeutics' price targets significantly, with modified ratings from firms such as Raymond James and Guggenheim, impacting the overall sentiment on the stock.

Walleye Capital LLC decreased its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 89.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,548 shares of the company's stock after selling 825,589 shares during the quarter. Walleye Capital LLC owned approximately 0.06% of Relay Therapeutics worth $266,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AssuredPartners Investment Advisors LLC bought a new stake in Relay Therapeutics during the first quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC bought a new stake in Relay Therapeutics during the first quarter valued at about $41,000. Stifel Financial Corp bought a new stake in Relay Therapeutics during the fourth quarter valued at about $42,000. Twinbeech Capital LP bought a new stake in Relay Therapeutics during the fourth quarter valued at about $42,000. Finally, CWM LLC boosted its position in Relay Therapeutics by 368.6% during the first quarter. CWM LLC now owns 20,269 shares of the company's stock valued at $53,000 after purchasing an additional 15,944 shares in the last quarter. Institutional investors own 96.98% of the company's stock.

Insider Transactions at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 61,379 shares of the firm's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $3.57, for a total value of $219,123.03. Following the completion of the transaction, the chief executive officer directly owned 765,288 shares in the company, valued at $2,732,078.16. This trade represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Peter Rahmer sold 15,724 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $57,864.32. Following the completion of the transaction, the insider owned 377,998 shares of the company's stock, valued at approximately $1,391,032.64. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 149,226 shares of company stock valued at $542,926. 4.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RLAY has been the topic of a number of recent research reports. Raymond James Financial dropped their price objective on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 8th. Guggenheim dropped their price objective on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, HC Wainwright dropped their price objective on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.08.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $4.11 on Thursday. The stock has a 50-day moving average of $3.56 and a two-hundred day moving average of $3.25. Relay Therapeutics, Inc. has a one year low of $1.77 and a one year high of $10.72. The stock has a market cap of $708.61 million, a PE ratio of -2.11 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.08. The firm had revenue of $0.70 million during the quarter, compared to analysts' expectations of $0.07 million. As a group, sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Relay Therapeutics 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.

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