Valence8 US LP Acquires New Shares in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Valence8 US LP purchased a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 26,200 shares of the company’s stock, valued at approximately $185,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC purchased a new position in Relay Therapeutics during the 2nd quarter valued at about $37,000. Virtu Financial LLC bought a new stake in Relay Therapeutics during the 1st quarter worth approximately $87,000. Values First Advisors Inc. bought a new position in Relay Therapeutics in the 3rd quarter valued at $75,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Relay Therapeutics by 65.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company’s stock worth $182,000 after purchasing an additional 10,157 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of Relay Therapeutics by 14.9% in the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock worth $218,000 after buying an additional 3,394 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on RLAY. JPMorgan Chase & Co. lowered their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Bank of America raised their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Finally, Barclays upped their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Relay Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $21.22.

Relay Therapeutics Stock Down 0.4 %

Relay Therapeutics stock opened at $4.64 on Friday. The firm has a fifty day simple moving average of $6.42 and a two-hundred day simple moving average of $6.93. Relay Therapeutics, Inc. has a twelve month low of $4.48 and a twelve month high of $12.14. The company has a market capitalization of $776.64 million, a PE ratio of -1.78 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same period in the prior year, the business posted ($0.54) earnings per share. The business’s revenue was down 100.0% on a year-over-year basis. As a group, equities analysts expect that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.32% of the company’s stock.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company’s lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered solid tumors; RLY-2608, a lead mutant-PI3Ka inhibitor program that targets phosphoinostide 3 kinase alpha; and Migoprotafib (GDC-1971), an oral, small molecule, potent and selective inhibitor of the protein tyrosine phosphatase SHP2 that binds and stabilizes Src homology region 2 domain-containing phosphatase-2 (SHP2) as a monotherapy in patients with advanced or metastatic solid tumors.