Relay Therapeutics slips after pricing $300 mln stock offering

Relay Therapeutics

13/09/2022 12:14

** Relay Therapeutics Inc's  RLAY.O  shares down 2% at
$28.23 premarket after follow-on prices
    ** RLAY late Mon sold 11.3 mln shares at $26.50, 8% discount
to last sale, for $300 mln raise  urn:newsml:reuters.com:*:nGNX5j0MfJ
    ** Goldman Sachs, JP Morgan, Cowen and BofA acting as
bookrunners
    ** Shares last Thurs rose 24% to $31.37 after co announced
abstract https://www.sec.gov/ix?doc=/Archives/edgar/data/1812364/000095017022018205/rlay-20220907.htm
 with data from Phase 1/2 study for its bile duct cancer
therapy, which it presented at European Society for Medical
Oncology (ESMO) Congress on Sun (Sept 11)
    ** RLAY has 108.9 mln shares outstanding for ~$3.1 bln
market value, per Refinitiv data
    ** YTD, shares off ~6% through Mon close
    ** Avg rating among 9 analysts is "buy" and breakdown of
recommendations is 2 "strong buy", 6 "buy" and 1 "strong sell";
median PT $45 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))