CAMBRIDGE, MA—Rahmer Peter, Chief Corporate Development Officer at Relay Therapeutics, Inc. (NASDAQ:RLAY), the $770 million biotech company, recently made a significant sale of stock, according to a recent filing with the SEC. On January 2, 2025, Peter sold 32,156 shares of common stock at an average price of $4.15, for a total of $133,447. InvestingPro analysis shows that the stock is currently trading near its 52-week low of $4.01, despite showing a notable return of 10.92% over the past week.
Subsequent transactions on Jan. 3 and Jan. 6 included sales of 32,177 and 16,576 shares, respectively, at prices ranging from $4.30 to $4.45. These sales brought in an additional $212,124. The transactions were executed according to a predetermined trading plan under Rule 10b5-1. According to InvestingPro data, RLAY stock has shown significant volatility, with the company currently appearing undervalued based on fair value analysis.
Following these sales, Peter retains ownership of 308,754 shares, which include 289,538 shares underlying restricted stock units. Get a deeper insight into RLAY’s financial health and 8 additional key expert tips from InvestingPro subscription, including exclusive access to Pro Research’s comprehensive reports covering more than 1,400 US stocks.
In other recent news, Relay Therapeutics has seen significant improvement in its financial position and drug trial results. The company has finalized a global license agreement for its FGFR2 inhibitor, lirafugratinib, with Elevar Therapeutics, a subsidiary HLB Inc (KQ:). This deal could result in up to $75 million in upfront payments and regulatory milestone payments, with the potential for an additional $425 million in commercial milestone payments.
Furthermore, the US Food and Drug Administration recently approved Roche’s Itovebi (inavolisib) for the specific treatment of breast cancer, which includes the drug candidate Relay Therapeutics. This approval is based on the successful results of the phase 3 trial INAVO120.
Analyst firms such as BofA Securities, HC Wainwright and Leerink Partners revised their outlooks on Relay Therapeutics, with BofA Securities cutting their price target to $20 from $21 previously, while reaffirming a Buy rating on the stock. However, Oppenheimer downgraded their rating due to concerns about the selectivity profile of RLY-2608.
Relay Therapeutics’ Phase 1 ReDiscover trial showed promising results, leading to adjustments in analysts’ views. Finally, the company launched a $200 million public offering of its common stock, reflecting its strong financial position.
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