Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel Sells 61,379 Shares

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) CEO Sanjiv Patel sold 61,379 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $3.57, for a total value of $219,123.03. Following the completion of the sale, the chief executive officer owned 765,288 shares in the company, valued at approximately $2,732,078.16. This trade represents a 7.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, April 23rd, Sanjiv Patel sold 61,422 shares of Relay Therapeutics stock. The stock was sold at an average price of $2.97, for a total value of $182,423.34.

Relay Therapeutics Trading Down 3.5%

Shares of NASDAQ RLAY traded down $0.13 during trading on Friday, reaching $3.60. The company had a trading volume of 1,034,389 shares, compared to its average volume of 2,083,164. The stock has a market capitalization of $617.22 million, a PE ratio of -1.61 and a beta of 1.62. The stock has a 50-day moving average price of $3.22 and a two-hundred day moving average price of $3.48. Relay Therapeutics, Inc. has a twelve month low of $1.78 and a twelve month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.04. The business had revenue of $7.68 million during the quarter, compared to analyst estimates of $0.01 million. During the same period in the previous year, the business posted ($0.62) earnings per share. The firm's quarterly revenue was down 23.0% on a year-over-year basis. On average, sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Institutional Trading of Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in Relay Therapeutics in the 4th quarter worth about $779,000. Teacher Retirement System of Texas boosted its stake in Relay Therapeutics by 19.5% in the 4th quarter. Teacher Retirement System of Texas now owns 33,720 shares of the company's stock worth $139,000 after buying an additional 5,492 shares during the last quarter. Norges Bank acquired a new stake in Relay Therapeutics in the 4th quarter worth about $23,821,000. Nuveen Asset Management LLC grew its position in Relay Therapeutics by 137.5% during the fourth quarter. Nuveen Asset Management LLC now owns 653,428 shares of the company's stock valued at $2,692,000 after acquiring an additional 378,322 shares during the period. Finally, Vanguard Group Inc. grew its position in Relay Therapeutics by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company's stock valued at $61,924,000 after acquiring an additional 566,595 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RLAY shares. Guggenheim reduced their price objective on 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 began coverage on 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 investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.