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

Relay Therapeutics, Inc. (NASDAQ:RLAY) CEO Sanjiv Patel sold 61,379 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $2,732,078.16. This represents a 7.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

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

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock opened at $3.60 on Friday. Relay Therapeutics, Inc. has a 1 year low of $1.78 and a 1 year high of $10.72. The business has a 50-day moving average of $3.22 and a two-hundred day moving average of $3.48. The company has a market capitalization of $617.22 million, a P/E ratio of -1.61 and a beta of 1.62.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million during the quarter, compared to the consensus estimate of $0.01 million. The firm’s revenue was down 23.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.62) earnings per share. On average, equities analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Analyst Ratings Changes

RLAY has been the subject of a number of recent analyst reports. Wells Fargo & Company initiated coverage on Relay Therapeutics in a report on Thursday, April 17th. They issued an “equal weight” rating and a $4.00 price objective for the company. Guggenheim dropped 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. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Relay Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $17.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its position in shares of Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after buying an additional 4,000 shares during the period. Murchinson Ltd. acquired a new position in shares of Relay Therapeutics during the first quarter worth about $26,000. Stifel Financial Corp acquired a new position in shares of Relay Therapeutics during the fourth quarter worth about $42,000. Twinbeech Capital LP acquired a new position in shares of Relay Therapeutics during the fourth quarter worth about $42,000. Finally, DRW Securities LLC acquired a new position in shares of Relay Therapeutics during the first quarter worth about $28,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Company Profile

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.