Relay Therapeutics CEO Sells $600,000 in Stock

On January 22nd, Sanjiv Patel, the CEO of Relay Therapeutics, Inc. (NASDAQ:RLAY), completed the sale of 125,000 shares of the company's stock. The shares were sold at an average price of $4.80, resulting in a total sale value of $600,000. Following this transaction, Patel now holds 324,548 shares in Relay Therapeutics, which are worth approximately $1,557,830.40. Notably, this sale indicates a decrease of about 27.81% in Patel's overall position in the company. This transaction was publicly disclosed in a filing with the Securities and Exchange Commission.

In addition to this recent sale, Patel had previously sold 100,000 shares on December 16th at an average price of $5.00, totaling $500,000.

Stock Performance

As of Thursday, January 23rd, Relay Therapeutics stock traded down by 0.6%, marking a decline of $0.03 to reach a price of $4.89. The trading volume for the day was approximately 2,403,367 shares, below the average daily volume of 3,261,419 shares. The company's market capitalization stands at $818.49 million, with a price-to-earnings ratio of -1.87 and a beta of 1.60. The 50-day moving average for the stock is $4.56, while the 200-day moving average is $6.21. Over the past year, Relay Therapeutics has seen a low of $3.50 and a high of $11.16.

Relay Therapeutics released its quarterly earnings results on November 6th, where it reported a loss of $0.63 per share, which was better than the consensus prediction of a $0.77 loss. In the same quarter of the previous year, the company had reported a loss of $0.54 per share. Year-over-year, Relay Therapeutics has seen a 100% decrease in revenue, with forecasts suggesting an average loss of $2.55 per share for the current fiscal year.

Analyst Insights

Recent analyses from various equity research firms have provided interesting insights about Relay Therapeutics. JMP Securities maintained a "market outperform" rating with a price target of $21.00 for the stock. Leerink Partners reduced its target price from $19.00 to $18.00 while keeping an "outperform" rating. Meanwhile, HC Wainwright reiterated a "buy" rating with a price target of $16.00. Among analysts, one has assigned a hold rating, while ten have given the stock a buy rating, leading to an average rating of "Moderate Buy" with an overall consensus price target of $20.50.

Institutional Activity

Institutional investors have been actively buying and selling shares of Relay Therapeutics. Bellevue Group AG raised its stake by 15.7% during the third quarter, now owning 7,377,184 shares valued at $52,230,000. Similarly, JPMorgan Chase & Co. increased its position by 39.2%, holding 5,517,516 shares worth $39,064,000 after acquiring an additional 1,554,115 shares. State Street Corp also marginally increased its stake by 1.2%, bringing its total ownership to 4,300,216 shares valued at $30,446,000. Furthermore, Braidwell LP and Geode Capital Management LLC also increased their holdings by 16.4% and 15.5%, respectively, during the third quarter. Overall, hedge funds and institutional investors own around 96.98% of Relay Therapeutics's shares.

About Relay Therapeutics

Relay Therapeutics is a clinical-stage precision medicine company that aims to enhance the drug discovery process, particularly in the fields of targeted oncology and genetic diseases. The company's prominent product candidates include RLY-4008, an oral small molecule inhibitor targeting FGFR2, currently in clinical trials for advanced FGFR2-altered solid tumors; RLY-2608, aimed at mutant-PI3Ka inhibition; and Migoprotafib (GDC-1971), a selective inhibitor of protein tyrosine phosphatase SHP2, targeting advanced or metastatic solid tumors.

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