Relay Therapeutics, Inc. (NASDAQ:RLAY) reported a recent transaction involving the company's Chief Corporate Development Officer, Peter Rahmer, according to a new SEC filing. Rahmer sold 245 shares of common stock at a price of $6.26 per share, totaling $1,533. The transaction occurred on June 27, 2024, and was part of a sale to cover income tax withholding obligations related to the vesting of restricted stock units (RSUs).
The sale was executed in compliance with the company's policies on RSU vesting, and Rahmer had no discretion over the sale. Following this transaction, Rahmer still holds 432,180 shares, which includes 383,442 shares underlying RSUs.
Additionally, Rahmer acquired 2,108 shares under the Relay Therapeutics 2020 Employee Stock Purchase Plan (ESPP) at a discounted price of $5.54 per share, amounting to a total of $11,678. The acquisition took place on June 30, 2024, and was reported voluntarily by Rahmer. This transaction was exempt under certain SEC rules and was conducted at 85% of the closing price of Relay Therapeutics' common stock on June 28, 2024.
Peter Rahmer serves as the Chief Corporate Development Officer for Relay Therapeutics, a company specializing in biological products, based in Cambridge, MA. Relay Therapeutics focuses on leveraging the power of protein motion for designing and developing new therapies.
In other recent news, Relay Therapeutics has seen significant developments. Barclays has upgraded Relay Therapeutics stock to Overweight from Equalweight and set a new price target of $15.00. This upgrade is based on a detailed analysis by Barclays, which highlights key factors that support a more optimistic outlook for the company, particularly the upcoming data updates in breast cancer research expected in the second half of 2024.
On the other hand, Oppenheimer has adjusted its outlook on Relay Therapeutics by reducing its price target to $25 from the previous $33, while maintaining its Outperform rating. The adjustment follows the company's first-quarter 2024 results, which were consistent with earlier updates. Despite the delayed timeline for data, Oppenheimer's outlook on Relay Therapeutics remains positive, especially regarding RLY-2608, the company's lead drug candidate.
These are recent developments and it's important to note that Relay Therapeutics continues to focus on its development pipeline. Both Barclays and Oppenheimer have expressed anticipation for the end-of-year data that could validate the company's therapeutic approach.
InvestingPro Insights
Relay Therapeutics (NASDAQ:RLAY), a biotech firm specializing in the innovative use of protein motion for drug development, has recently seen its executive Peter Rahmer engage in stock transactions that align with the company's policies. While these transactions reflect routine insider activity, investors may be interested in a broader financial perspective on the company.
InvestingPro data indicates a market capitalization of $852.2 million for Relay Therapeutics, with a striking revenue growth of 2873.65% in the last twelve months as of Q1 2024. This exceptional growth rate is further highlighted by a quarterly revenue increase of 4327.88% in Q1 2024. Despite these impressive growth figures, the company's gross profit margin stands at -822.7%, reflecting significant costs exceeding revenues.
Two critical InvestingPro Tips for Relay Therapeutics suggest a mixed financial health outlook. On the one hand, the company holds more cash than debt, providing some financial stability. On the other hand, Relay is rapidly depleting its cash reserves, which, coupled with weak gross profit margins and a lack of profitability over the last twelve months, raises concerns about its short-term financial sustainability.
For investors seeking a more in-depth analysis of Relay Therapeutics, additional InvestingPro Tips are available, which can provide further guidance on the company's financial standing and future prospects. With the use of the exclusive coupon code PRONEWS24, users can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking valuable insights that could inform investment decisions. There are currently 8 additional tips listed on InvestingPro for Relay Therapeutics, which can be accessed for detailed analysis and expert financial assessment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.