Insider Selling: Relay Therapeutics (NASDAQ:RLAY) CEO Sells $872,401.90 in Stock

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 48,199 shares of the stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $18.10, for a total transaction of $872,401.90. Following the transaction, the chief executive officer owned 471,301 shares in the company, valued at approximately $8,530,548.10. This trade represents a 9.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 transaction of $912,889.06.

Relay Therapeutics Trading Down 3.0%

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

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The firm had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $0.96 million. On average, analysts forecast that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Relay Therapeutics during the 2nd quarter valued at about $286,042,000. Casdin Capital LLC increased its holdings in Relay Therapeutics by 14.7% in the 4th quarter. Casdin Capital LLC now owns 13,003,574 shares of the company’s stock worth $110,010,000 after acquiring an additional 1,662,193 shares in the last quarter. Perceptive Advisors LLC increased its holdings in Relay Therapeutics by 412.3% in the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock worth $97,024,000 after acquiring an additional 7,847,896 shares in the last quarter. Spruce Street Capital LP bought a new stake in Relay Therapeutics during the 4th quarter worth approximately $25,246,000. Finally, Dimensional Fund Advisors LP raised its stake in Relay Therapeutics by 18.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock worth $29,248,000 after acquiring an additional 460,186 shares during the period. Institutional investors own 96.98% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. HC Wainwright raised their target price on Relay Therapeutics from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Zacks Research raised shares of Relay Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. The Goldman Sachs Group boosted their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Canaccord Genuity Group began coverage on shares of Relay Therapeutics in a report on Thursday, July 16th. They set a “buy” rating and a $29.00 target price for the company. Finally, Wall Street Zen downgraded shares of Relay Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.92.

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.