Relay Therapeutics CFO sells shares worth $44,246

CAMBRIDGE, Mass.—Relay Therapeutics, Inc. (NASDAQ:RLAY), a $575 million market cap biotech company whose stock has declined 19% year-to-date, reported that Chief Financial Officer Thomas Catinazzo recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Catinazzo sold shares totaling $44,246. The sales occurred over several days, with prices ranging from $3.00 to $3.17 per share, while the stock currently trades at $3.32.

The transactions were carried out as part of a Rule 10b5-1 trading plan, which Catinazzo had adopted on February 15, 2024. This plan allows insiders of publicly traded corporations to set up a predetermined schedule for selling stocks they own, helping them avoid accusations of insider trading. According to InvestingPro data, analyst price targets for RLAY range from $4 to $30, suggesting potential upside despite the stock’s recent volatility.

In detail, Catinazzo sold 1,709 shares at $3.17 each on April 28, followed by 981 shares at the same price. On April 29, he sold an additional 3,558 shares at $3.23 each. The largest transaction occurred on April 30, when Catinazzo sold 12,943 shares at $3.00 per share.

These sales were primarily conducted to cover income tax withholding obligations related to the vesting of restricted stock units. After these transactions, Catinazzo still owns 355,376 shares, including 206,240 shares underlying restricted stock units.

In other recent news, Relay Therapeutics has been the focus of several key developments. Citizens JMP has adjusted its price target for Relay Therapeutics, lowering it from $21.00 to $12.00, while maintaining a Market Outperform rating. This adjustment follows a change in dosage from phase 2 to phase 3 trials of Relay’s drug candidate, with additional data supporting the dose reduction for better patient tolerability. Relay Therapeutics is actively working on replacing the current treatment combination in the second-line treatment for metastatic breast cancer patients. The ReDiscover phase 2 trial results have shown significant progression-free survival improvements, with RLY-2608 demonstrating a 9.2-month progression-free survival across all patients and an 11.4-month survival in patients with kinase domain mutations. Analysts from Citizens JMP have expressed optimism about the drug’s potential, citing its best-in-class efficacy and promising safety profile. These developments are closely watched as Relay Therapeutics continues to advance its drug candidate in the cancer treatment landscape.

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