RLAY - Why did Relay Therapeutics stock drop today?

• The shares of the clinical stage biotech Relay Therapeutics, Inc. ( NASDAQ: RLAY ) fell on Friday after an announcement of an abstract containing Phase 1/2 data for its bile duct cancer therapy RLY-4008 sent company shares sharply higher a day earlier.
• With data suggesting an ~88% of overall response rate (ORR) for a key objective of the trial, RLAY shares jumped more than 20% to reach a five-month high on Thursday.
• However, the rally proved brief as an SEC filing indicated that company director Mark Murcko sold 25K RLAY shares for more than ~$748K.
• With the sale, Murcko, a senior lecturer in the Department of Biological Engineering at MIT and a former chief technology officer at Vertex Pharma ( VRTX ), has reduced his stake in RLAY by ~2%.
• However, the company shares dropped regardless as the management prepares for an oral presentation of the abstract on Sunday at the ongoing ESMO Congress in France.

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