Rhumbline Advisers Raises Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Rhumbline Advisers grew its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 4.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 163,895 shares of the company’s stock after buying an additional 7,508 shares during the quarter. Rhumbline Advisers owned 0.12% of Relay Therapeutics worth $1,069,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in Relay Therapeutics by 304.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 38,656 shares of the company’s stock worth $252,000 after acquiring an additional 29,087 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Relay Therapeutics by 15.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock worth $2,312,000 after purchasing an additional 48,219 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Relay Therapeutics during the first quarter worth $87,000. Bayesian Capital Management LP purchased a new position in Relay Therapeutics in the first quarter valued at $320,000. Finally, American International Group Inc. raised its stake in Relay Therapeutics by 4.0% in the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after buying an additional 1,810 shares in the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on RLAY. JPMorgan Chase & Co. dropped their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. Barclays increased their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 13,523 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the transaction, the insider now directly owns 420,765 shares of the company’s stock, valued at approximately $3,593,333.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Peter Rahmer sold 13,523 shares of Relay Therapeutics stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $8.54, for a total value of $115,486.42. Following the sale, the insider now directly owns 420,765 shares in the company, valued at $3,593,333.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock valued at $715,499 over the last three months. 4.32% of the stock is currently owned by company insiders.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $7.50 on Monday. The firm’s fifty day moving average is $7.59 and its two-hundred day moving average is $7.29. Relay Therapeutics, Inc. has a one year low of $5.70 and a one year high of $12.14. The firm has a market cap of $1.00 billion, a PE ratio of -2.84 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period last year, the firm posted ($0.81) earnings per share. Research analysts predict that Relay Therapeutics, Inc. will post -2.86 earnings per share for the current year.

About Relay Therapeutics

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.