Point72 Asset Management L.P. Raises Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Point72 Asset Management L.P. raised its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 18.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,592,753 shares of the company’s stock after purchasing an additional 243,353 shares during the period. Point72 Asset Management L.P. owned approximately 0.95% of Relay Therapeutics worth $6,562,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC boosted its stake in shares of Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after buying an additional 4,000 shares during the last quarter. Stifel Financial Corp purchased a new position in shares of Relay Therapeutics in the 4th quarter worth $42,000. Cibc World Markets Corp purchased a new position in shares of Relay Therapeutics in the 4th quarter worth $47,000. Summit Investment Advisors Inc. boosted its stake in shares of Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after buying an additional 3,760 shares during the last quarter. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Relay Therapeutics by 26.2% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock worth $61,000 after buying an additional 3,092 shares during the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Guggenheim lowered their target price on Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus lowered their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company assumed coverage on Relay Therapeutics in a research report on Thursday, April 17th. They set an “equal weight” rating and a $4.00 target price on the stock. Finally, The Goldman Sachs Group lowered their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.67.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total value of $32,217.00. Following the completion of the transaction, the insider now owns 390,081 shares in the company, valued at approximately $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 61,422 shares of Relay Therapeutics stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total value of $182,423.34. Following the completion of the transaction, the chief executive officer now owns 821,667 shares of the company’s stock, valued at approximately $2,440,350.99. This represents a 6.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,320 shares of company stock worth $280,981. Corporate insiders own 4.87% of the company’s stock.

Relay Therapeutics Trading Up 4.3%

Shares of RLAY stock opened at $2.93 on Tuesday. Relay Therapeutics, Inc. has a 12-month low of $1.78 and a 12-month high of $10.72. The stock’s 50-day moving average price is $2.85 and its 200-day moving average price is $3.91. The stock has a market capitalization of $502.33 million, a price-to-earnings ratio of -1.12 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.04. The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $0.01 million. During the same period last year, the firm posted ($0.62) earnings per share. The company’s revenue for the quarter was down 23.0% compared to the same quarter last year. As a group, research analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Relay Therapeutics 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.