Relay Therapeutics (NASDAQ:RLAY) Shares Down 4.8% After Insider Selling

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price dropped 4.8% on Tuesday following insider selling activity. The stock traded as low as $6.07 and last traded at $6.09. Approximately 84,547 shares traded hands during trading, a decline of 93% from the average daily volume of 1,218,600 shares. The stock had previously closed at $6.40.

Specifically, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total transaction of $144,377.00. Following the transaction, the insider now owns 432,425 shares in the company, valued at approximately $3,052,920.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Relay Therapeutics news, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total transaction of $144,377.00. Following the completion of the sale, the insider now owns 432,425 shares in the company, valued at approximately $3,052,920.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the sale, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders have sold 53,375 shares of company stock worth $354,836 in the last quarter. Company insiders own 4.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Oppenheimer reiterated an “outperform” rating and issued a $25.00 target price (down previously from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. HC Wainwright reiterated a “buy” rating and issued a $20.00 target price on shares of Relay Therapeutics in a research note on Friday, June 7th. Barclays upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a research note on Friday, May 10th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $24.00 target price on shares of Relay Therapeutics in a research note on Monday, May 6th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.80.

Relay Therapeutics Trading Up 1.1 %

The stock’s fifty day moving average is $6.83 and its two-hundred day moving average is $8.47. The company has a market capitalization of $858.83 million, a PE ratio of -2.45 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. The company had revenue of $10.01 million during the quarter, compared to analysts’ expectations of $0.12 million. Relay Therapeutics’s quarterly revenue was up 4327.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.78) earnings per share. As a group, analysts anticipate that Relay Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new stake in Relay Therapeutics during the first quarter valued at about $87,000. Bayesian Capital Management LP purchased a new stake in Relay Therapeutics during the first quarter valued at about $320,000. American International Group Inc. lifted its holdings in Relay Therapeutics by 4.0% during the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after purchasing an additional 1,810 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Relay Therapeutics by 10.9% during the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after purchasing an additional 1,165,282 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Relay Therapeutics by 14.9% during the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after purchasing an additional 3,394 shares during the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.