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CAMBRIDGE, MA—Thomas Catinazzo, the Chief Financial Officer of Relay Therapeutics, Inc. (NASDAQ:RLAY), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Catinazzo sold a total of 4,865 shares of common stock on December 27, 2024. The sales were executed at prices ranging from $4.38 to $4.42 per share, with the total transaction amounting to approximately $21,490. The transaction comes as the company, currently valued at $688 million, trades near its 52-week low of $4.11, according to InvestingPro data.
The filing indicates that the sales were conducted in two separate transactions. The first transaction involved the sale of 299 shares at $4.38 each, totaling $1,309. The second transaction, conducted under a pre-arranged trading plan, involved the sale of 4,566 shares at a weighted average price of $4.42, totaling $20,181. InvestingPro analysis shows the stock has experienced significant volatility, with shares down over 62% in the past year.
Following these transactions, Catinazzo retains ownership of 299,226 shares of Relay Therapeutics, which includes shares underlying restricted stock units. The sales were part of a strategy to cover tax obligations related to the vesting of restricted stock units, as well as a planned sale under a Rule 10b5-1 trading plan.
Relay Therapeutics, headquartered in Cambridge, Massachusetts, is a biotechnology company focused on developing precision medicines.
In other recent news, Relay Therapeutics has experienced several significant developments. The company's RLY-2608, a breast cancer treatment, is progressing towards Phase 3 trials, with analysts from BofA Securities predicting potential peak sales surpassing $1 billion. Relay Therapeutics also finalized a global licensing agreement for lirafugratinib with Elevar Therapeutics, with potential gains of up to $500 million in payments. Meanwhile, various analyst firms, including H.C. Wainwright, Leerink Partners, and BofA Securities, have adjusted their price targets for the company, while maintaining positive ratings.
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. However, Oppenheimer downgraded their rating for Relay Therapeutics due to concerns about the selectivity profile of RLY-2608. The company's Phase 1 ReDiscover trial demonstrated promising results, leading to adjustments in analysts' outlooks.
As Relay Therapeutics continues to advance its drug development efforts, it maintains a strong financial position, with more cash than debt and a robust current ratio. These recent developments underscore the company's ongoing progress in the highly competitive field of therapeutic drug development.
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