Relay Therapeutics, Inc. (NASDAQ:RLAY) Insider Sells $57,864.32 in Stock

Key Points

• Insider Peter Rahmer sold 15,724 shares of Relay Therapeutics stock for $57,864.32 on July 29, which decreased his ownership by 3.99%.
• Relay Therapeutics reported a loss of $0.46 EPS for the last quarter, surpassing analyst expectations, but its revenue decreased by 23% compared to the previous year.
• Major institutional investments in Relay Therapeutics increased significantly, with several hedge funds boosting their stakes by over 100% during the second quarter.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) insider Peter Rahmer sold 15,724 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $57,864.32. Following the transaction, the insider owned 377,998 shares in the company, valued at approximately $1,391,032.64. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Peter Rahmer also recently made the following trade(s):

• On Monday, July 28th, Peter Rahmer sold 1,359 shares of Relay Therapeutics stock. The shares were sold at an average price of $3.74, for a total transaction of $5,082.66.

Relay Therapeutics Trading Down 4.5%

Shares of RLAY stock traded down $0.16 during trading on Friday, reaching $3.36. 2,789,533 shares of the company's stock traded hands, compared to its average volume of 2,326,051. The company has a market capitalization of $576.06 million, a P/E ratio of -1.51 and a beta of 1.62. The firm's 50-day moving average is $3.41 and its 200 day moving average is $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 posted its earnings results on Monday, May 5th. The company reported ($0.46) earnings per share for the quarter, topping analysts' consensus estimates of ($0.50) by $0.04. The firm had revenue of $7.68 million for the quarter, compared to the consensus estimate of $0.01 million. The business's revenue was down 23.0% on a year-over-year basis. During the same period last year, the company posted ($0.62) EPS. As a group, sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Murchinson Ltd. bought a new stake in Relay Therapeutics during the 1st quarter worth approximately $26,000. DRW Securities LLC bought a new stake in Relay Therapeutics during the 1st quarter worth approximately $28,000. AssuredPartners Investment Advisors LLC bought a new stake in Relay Therapeutics during the 1st quarter worth approximately $29,000. FNY Investment Advisers LLC increased its holdings in Relay Therapeutics by 100.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock worth $34,000 after acquiring an additional 5,000 shares during the period. Finally, May Hill Capital LLC bought a new stake in Relay Therapeutics during the 2nd quarter worth approximately $38,000. Institutional investors own 96.98% of the company's stock.

Relay Therapeutics Company 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.