Relay Therapeutics, Inc. (NASDAQ:RLAY) Insider Peter Rahmer Sells 15,724 Shares

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 Relay Therapeutics stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $57,864.32. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

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

Relay Therapeutics Stock Down 4.5%

Shares of RLAY traded down $0.16 during midday trading on Friday, reaching $3.36. 2,789,533 shares of the stock were exchanged, compared to its average volume of 2,643,379. Relay Therapeutics, Inc. has a 12-month low of $1.77 and a 12-month high of $10.72. The firm has a 50 day simple moving average of $3.42 and a 200-day simple moving average of $3.39. The company has a market cap of $576.07 million, a price-to-earnings ratio of -1.51 and a beta of 1.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly 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 analysts' expectations of $0.01 million. During the same period last year, the business earned ($0.62) earnings per share. The firm's revenue for the quarter was down 23.0% on a year-over-year basis. Research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RLAY. Raymond James Financial Inc. acquired a new stake in shares of Relay Therapeutics in the 4th quarter valued at $779,000. Thrivent Financial for Lutherans lifted its position in Relay Therapeutics by 3.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 166,668 shares of the company's stock worth $687,000 after acquiring an additional 6,210 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Relay Therapeutics by 19.5% during the 4th quarter. Teacher Retirement System of Texas now owns 33,720 shares of the company's stock worth $139,000 after acquiring an additional 5,492 shares during the last quarter. American Century Companies Inc. lifted its position in Relay Therapeutics by 23.3% during 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 position in Relay Therapeutics during the 4th quarter worth $102,000. Institutional investors and hedge funds 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.