CAMBRIDGE, MA—Rahmer Peter, Chief Corporate Development Officer at Relay Therapeutics, Inc. (NASDAQ:RLAY), a $770 million market cap biotech company, recently executed significant stock sales according to a recent SEC filing. On January 2, 2025, Peter sold 32,156 shares of common stock at an average price of $4.15, totaling $133,447. InvestingPro analysis indicates the stock is currently trading near its 52-week low of $4.01, despite showing a notable 10.92% return over the past week.
Subsequent transactions on January 3 and January 6 involved selling 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 carried out under a pre-established Rule 10b5-1 trading plan. According to InvestingPro data, RLAY's 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 deeper insights into RLAY's financial health and 8 additional key ProTips with an InvestingPro subscription, including exclusive access to comprehensive Pro Research Reports covering 1,400+ US stocks.
In other recent news, Relay Therapeutics has experienced significant developments in its financial position and drug trial results. The company finalized a global licensing agreement for its FGFR2 inhibitor, lirafugratinib, with Elevar Therapeutics, a subsidiary of HLB Inc (KQ:028300). This agreement could result in up to $75 million in upfront and regulatory milestone payments, with the potential for an additional $425 million in commercial milestone payments.
Furthermore, the U.S. Food and Drug Administration recently approved Roche's Itovebi (inavolisib) for a specific breast cancer treatment, which includes Relay Therapeutics' drug candidate. This approval was based on the successful outcomes of the Phase 3 INAVO120 trial.
Analyst firms such as BofA Securities, H.C. Wainwright, and Leerink Partners have revised their outlook on Relay Therapeutics, with BofA Securities reducing the price target to $20 from the previous $21, 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 demonstrated promising results, leading to adjustments in analysts' outlooks. Lastly, the company initiated a $200 million underwritten public offering of its common stock, reflecting its strong financial position.
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