Insider Selling: Relay Therapeutics (NASDAQ:RLAY) CFO Sells 17,717 Shares of Company Stock

Relay Therapeutics, Inc. (NASDAQ:RLAY) CFO Thomas Catinazzo sold 17,717 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $18.59, for a total transaction of $329,359.03. Following the completion of the transaction, the chief financial officer owned 105,134 shares in the company, valued at $1,954,441.06. This represents a 14.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Thomas Catinazzo also recently made the following trade(s):

• On Tuesday, September 8th, Thomas Catinazzo sold 17,717 shares of Relay Therapeutics stock. The stock was sold at an average price of $18.94, for a total transaction of $335,559.98.
• On Tuesday, July 28th, Thomas Catinazzo sold 1,459 shares of Relay Therapeutics stock. The shares were sold at an average price of $18.61, for a total transaction of $27,151.99.

Relay Therapeutics Trading Down 3.0%

Shares of NASDAQ RLAY traded down $0.54 during mid-day trading 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 50 day simple moving average of $19.12 and a two-hundred day simple moving average of $16.56. The stock has a market cap of $3.82 billion, a P/E ratio of -11.09 and a beta of 1.72. Relay Therapeutics, Inc. has a 52-week low of $5.85 and a 52-week high of $21.27.

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

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in the business. Congress Asset Management Co. grew its holdings in shares of Relay Therapeutics by 24.5% during the third quarter. Congress Asset Management Co. now owns 779,544 shares of the company’s stock worth $14,071,000 after buying an additional 153,403 shares during the last quarter. Tidal Investments LLC raised its stake in Relay Therapeutics by 14.7% during the 2nd quarter. Tidal Investments LLC now owns 176,782 shares of the company’s stock valued at $3,308,000 after acquiring an additional 22,682 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Relay Therapeutics during the 2nd quarter worth approximately $74,000. Allianz Asset Management GmbH acquired a new stake in Relay Therapeutics during the 2nd quarter worth approximately $750,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Relay Therapeutics in the 2nd quarter valued at approximately $784,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on RLAY. The Goldman Sachs Group boosted their target price on Relay Therapeutics from $22.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Guggenheim reaffirmed a “buy” rating on shares of Relay Therapeutics in a research report on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of Relay Therapeutics in a research note on Monday, August 10th. Citizens Jmp increased their price objective on Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a report on Monday, August 10th. Finally, JPMorgan Chase & Co. raised their target price on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.92.

Relay Therapeutics Company Profile

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.