Logos Global Management LP Takes $8.48 Million Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Logos Global Management LP bought a new position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) in the 2nd quarter, Holdings Channel reports. The fund bought 1,300,000 shares of the company’s stock, valued at approximately $8,476,000.

Several other hedge funds and other institutional investors have also modified their holdings of RLAY. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics in the 2nd quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Relay Therapeutics in the 1st quarter valued at $79,000. Virtu Financial LLC bought a new stake in shares of Relay Therapeutics in the 1st quarter valued at $87,000. Los Angeles Capital Management LLC boosted its stake in shares of Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Relay Therapeutics in the 4th quarter valued at $126,000. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Trading Down 0.9 %

Shares of NASDAQ:RLAY opened at $7.43 on Tuesday. The stock has a 50 day moving average of $7.57 and a 200 day moving average of $7.27. The company has a market cap of $986.27 million, a PE ratio of -2.81 and a beta of 1.64. Relay Therapeutics, Inc. has a 12-month low of $5.70 and a 12-month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the prior year, the company earned ($0.81) EPS. Equities research analysts predict that Relay Therapeutics, Inc. will post -2.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on RLAY shares. Stifel Nicolaus reissued a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research note on Monday, September 16th. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. 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 report on Tuesday, September 10th. Finally, HC Wainwright increased their target price on shares of Relay Therapeutics from $18.00 to $19.00 and gave the company a “buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.11.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the sale, the chief executive officer now owns 766,130 shares in the company, valued at $6,948,799.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were 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 directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders sold 84,738 shares of company stock worth $715,499 over the last three months. 4.32% of the stock is owned by corporate insiders.

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.