Brian Adams, the Chief Legal Officer of Relay Therapeutics, Inc. (NASDAQ:RLAY), a biotech company with a market capitalization of $688 million, reported selling 299 shares of the company's common stock on December 27, according to a recent SEC filing. The stock has declined 62% year-to-date and currently trades near its 52-week low of $4.11. The shares were sold at a price of $4.38 each, totaling approximately $1,309. This transaction was executed to cover income tax withholding obligations related to the vesting of restricted stock units. Following this sale, Adams holds 321,608 shares, which include 277,333 shares underlying restricted stock units. According to InvestingPro analysis, RLAY appears undervalued at current levels, with 8 additional key insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, Relay Therapeutics has seen significant developments in its drug trials and financial position. 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 for Relay Therapeutics, with the potential for an additional $425 million in commercial milestone payments.
Furthermore, BofA Securities reaffirmed a Buy rating on Relay Therapeutics' stock, highlighting the potential for RLY-2608, a treatment for second-line and beyond breast cancer, to achieve peak sales surpassing $1 billion. However, price targets from BofA Securities, H.C. Wainwright, and Leerink Partners were reduced due to various factors, while Oppenheimer downgraded their rating over concerns about the selectivity profile of RLY-2608.
The U.S. Food and Drug Administration 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. Lastly, Relay Therapeutics' Phase 1 ReDiscover trial demonstrated promising results, leading to adjustments in analysts' outlooks. These are recent developments that investors should take into account.
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