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CAMBRIDGE, MA—Sanjiv Patel, President and CEO of Relay Therapeutics, Inc. (NASDAQ:RLAY), a $656 million market cap biotech company currently trading at $3.96, recently executed notable stock transactions as reported in a recent SEC filing. On February 11 and February 13, Patel sold a total of 215,506 shares of common stock, generating approximately $818,399. The shares were sold at prices ranging from $3.70 to $3.85 per share. According to InvestingPro analysis, RLAY is currently trading below its Fair Value, with the stock showing significant volatility year-to-date.
These transactions were conducted to cover income tax withholding obligations associated with the vesting of restricted stock units (RSUs). Following these sales, Patel holds 883,089 shares directly, which include shares underlying RSUs.
Additionally, on February 11, Patel acquired 332,465 shares at no cost, as part of the company's 2020 Stock Option and Incentive Plan. These shares are part of RSUs granted to Patel, representing a contingent right to receive one share of common stock upon vesting.
Patel also holds shares indirectly through family trusts, with a total of 886,903 shares held in irrevocable trusts for the benefit of his family members. An independent trustee manages these trusts, and Patel disclaims beneficial ownership of these securities.
The transactions reflect Patel's ongoing involvement in managing his equity holdings in Relay Therapeutics, a company focused on developing precision medicines. For deeper insights into RLAY's financial health, valuation metrics, and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Relay Therapeutics continues to draw attention in the biotech sector with significant developments. Earnings and revenue potential were emphasized in the recent analyst notes. BofA Securities maintained a Buy rating for Relay Therapeutics, highlighting the potential of RLY-2608, a breast cancer treatment, to achieve peak sales surpassing $1 billion. This projection is based on the latest Phase 1/2 data update, which provided a more mature analysis of RLY-2608's efficacy as it prepares for Phase 3 trials.
In another development, Relay Therapeutics finalized a global licensing agreement for its FGFR2 inhibitor, lirafugratinib, with Elevar Therapeutics, a subsidiary of HLB Inc (KQ:028300). The agreement could yield up to $75 million in upfront and regulatory milestone payments and an additional $425 million in commercial milestone payments, along with tiered royalties. H.C. Wainwright and Leerink Partners both adjusted their price targets for Relay Therapeutics following this announcement, though both firms continue to recommend the stock as a Buy and Outperform respectively.
These recent developments highlight Relay Therapeutics' potential in the biotech market, with analysts from BofA Securities, H.C. Wainwright, and Leerink Partners all maintaining positive ratings despite adjustments to their price targets.
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