Sanjiv Patel Sells 62,073 Shares of Relay Therapeutics (NASDAQ:RLAY) Stock

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 62,073 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $7.00, for a total value of $434,511.00. Following the completion of the transaction, the chief executive officer directly owned 703,215 shares of the company’s stock, valued at approximately $4,922,505. The trade was a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Relay Therapeutics Price Performance

RLAY stock opened at $6.55 on Thursday. The stock has a market capitalization of $1.13 billion, a P/E ratio of -3.36 and a beta of 1.76. The business has a 50-day moving average of $5.44 and a 200-day moving average of $4.06. Relay Therapeutics, Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $7.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.08. The firm had revenue of $0.70 million for the quarter, compared to analyst estimates of $0.07 million. Equities analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Raymond James Financial reduced their price objective on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. Guggenheim assumed coverage on Relay Therapeutics in a research report on Thursday, September 4th. They set a “buy” rating and a $15.00 price objective for the company. Finally, HC Wainwright reduced their price objective on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.50.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RLAY. Commodore Capital LP acquired a new position in Relay Therapeutics during the second quarter valued at approximately $46,191,000. Woodline Partners LP raised its stake in Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock valued at $3,979,000 after buying an additional 1,241,657 shares during the period. Bellevue Group AG raised its stake in Relay Therapeutics by 11.6% in the second quarter. Bellevue Group AG now owns 8,230,870 shares of the company’s stock valued at $28,479,000 after buying an additional 853,578 shares during the period. Norges Bank bought a new stake in Relay Therapeutics in the second quarter valued at approximately $2,892,000. Finally, Bank of America Corp DE raised its stake in Relay Therapeutics by 138.1% in the second quarter. Bank of America Corp DE now owns 1,320,130 shares of the company’s stock valued at $4,568,000 after buying an additional 765,702 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.