Relay Therapeutics (NASDAQ:RLAY) Stock: Insider Sanjiv Patel Sells 48,199 Shares

Key Points

• CEO Sanjiv Patel sold 48,199 Relay Therapeutics shares at an average price of $18.10, generating $872,401.90 and reducing his ownership by 9.28% to 471,301 shares.
• Relay Therapeutics shares traded at $17.41, while the company’s latest quarterly results missed expectations with a loss of $0.41 per share versus the $0.39 consensus estimate and revenue of $0.35 million versus $0.96 million expected.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $25.92; institutional investors own 96.98% of the company.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) CEO Sanjiv Patel sold 48,199 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $18.10, for a total value of $872,401.90. Following the completion of the sale, the chief executive officer owned 471,301 shares in the company, valued at approximately $8,530,548.10. This represents a 9.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Sanjiv Patel also recently made the following trade(s):

• On Tuesday, September 8th, Sanjiv Patel sold 48,199 shares of Relay Therapeutics stock. The stock was sold at an average price of $18.94, for a total value of $912,889.06.

Relay Therapeutics Price Performance

NASDAQ:RLAY traded down $0.54 during trading hours on Thursday, hitting $17.41. The company had a trading volume of 4,332,079 shares, compared to its average volume of 3,213,835. The stock has a 50-day moving average price of $19.12 and a 200 day moving average price of $16.56. The company has a market capitalization of $3.82 billion, a PE ratio of -11.09 and a beta of 1.72. Relay Therapeutics, Inc. has a 52 week low of $5.85 and a 52 week high of $21.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The firm had revenue of $0.35 million for the quarter, compared to analysts' expectations of $0.96 million. Analysts anticipate that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RLAY shares. Barclays increased their target price on Relay Therapeutics from $27.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Citizens Jmp increased their price objective on Relay Therapeutics from $21.00 to $26.00 and gave the stock a "market outperform" rating in a report on Monday, August 10th. HC Wainwright boosted their target price on shares of Relay Therapeutics from $28.00 to $29.00 and gave the company a "buy" rating in a report on Thursday, August 20th. The Goldman Sachs Group upped their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Finally, Zacks Research raised shares of Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Relay Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $25.92.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System boosted its stake in Relay Therapeutics by 47.9% during the 1st quarter. California State Teachers Retirement System now owns 174,099 shares of the company's stock valued at $1,732,000 after purchasing an additional 56,422 shares during the last quarter. Alphabet Inc. purchased a new position in shares of Relay Therapeutics in the second quarter worth $26,382,000. Persistent Asset Partners Ltd bought a new position in shares of Relay Therapeutics during the second quarter valued at $1,323,000. Sanctuary Advisors LLC bought a new position in shares of Relay Therapeutics during the second quarter valued at $1,995,000. Finally, Bank of America Corp DE lifted its stake in Relay Therapeutics by 86.1% during the 1st quarter. Bank of America Corp DE now owns 1,937,695 shares of the company's stock valued at $19,280,000 after acquiring an additional 896,746 shares during the period. Institutional investors own 96.98% of the company's stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for diseases driven by genetically defined targets, particularly in oncology. The company uses its proprietary Dynamo platform, which combines structural biology, computational modeling, machine learning and medicinal chemistry to study how proteins move and to identify potential drug-binding sites that may be difficult to address with conventional approaches.

Relay's pipeline has included targeted cancer therapies such as RLY-2608, an investigational oral inhibitor designed to selectively target PI3K-alpha mutations, and RLY-4008 (lirafugratinib), an investigational FGFR2 inhibitor developed for cancers with specific FGFR2 alterations.

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