Relay Therapeutics NASDAQ:RLAY announced insider activity involving its chief corporate development officer, Peter Rahmer, who sold a total of 13,038 shares of common stock on January 27 and January 28, 2026. The combined proceeds from the two tranches amounted to approximately $100,473, with trade prices spanning $7.62 to $8.45 per share.
The larger of the two sales took place on January 27, when Rahmer sold 11,684 shares at $7.62 apiece. A subsequent disposition on January 28 involved 1,354 shares sold at $8.45 per share. Company disclosures indicate that both transactions were executed to satisfy income tax withholding obligations that arose when restricted stock units (RSUs) vested.
Earlier in the reporting period, on December 31, 2025, Rahmer participated in Relay Therapeutics’ 2020 Employee Stock Purchase Plan, acquiring 994 shares at $2.99 per share for a total cost of $2,972. Following the January sales and that December purchase, Rahmer’s direct holdings in Relay total 276,610 shares, which include 12,204 shares that remain underlying unvested restricted stock units.
At the time of the reported sales, Relay’s common stock was trading at $7.71, which places the market price close to the lower bound of the sale price range. According to InvestingPro Fair Value estimates cited in company disclosures, the stock is considered slightly undervalued. The shares have displayed substantial volatility recently, rising more than 111% over the prior six months even as the company’s market capitalization stands at about $1.33 billion.
Separately, Relay has reported clinical progress for its investigational therapeutic zovegalisib. Data from the ongoing ReDiscover study presented that zovegalisib produced a median progression-free survival of 10.3 months across the pooled patient population with PI3Kα-mutated, HR+/HER2- metastatic breast cancer. In a subgroup analysis of patients receiving zovegalisib in combination with fulvestrant as a second-line treatment, median progression-free survival was reported at 11.4 months.
Those clinical updates have coincided with changes in analyst coverage and price targets. Oppenheimer upgraded Relay from Perform to Outperform and set a $14.00 price target, citing concerns that the VIKTORIA-1 trial for a competing drug, gedatolisib, may underperform — a development Oppenheimer believes could favor zovegalisib. Meanwhile, Citizens reiterated its Market Outperform rating and maintained a $12.00 price target following positive disclosures shared at the European Society for Medical Oncology conference.
Summary of transactions and ownership:
- January 27, 2026 - 11,684 shares sold at $7.62 per share.
- January 28, 2026 - 1,354 shares sold at $8.45 per share.
- December 31, 2025 - 994 shares purchased under the 2020 Employee Stock Purchase Plan at $2.99 per share, totaling $2,972.
- Post-transactions direct ownership: 276,610 shares, including 12,204 shares underlying RSUs.
The combination of insider sales for tax obligations, recent clinical results for zovegalisib, and fresh analyst assessments frames the current investor narrative around Relay as one that includes both internal liquidity actions and external signals of therapeutic progress and market expectations.