Renaissance Technologies LLC Grows Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Renaissance Technologies LLC boosted its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 19.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 909,037 shares of the company’s stock after buying an additional 145,837 shares during the period. Renaissance Technologies LLC’s holdings in Relay Therapeutics were worth $5,927,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of RLAY. Charles Schwab Investment Management Inc. lifted its position in shares of Relay Therapeutics by 22.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 877,813 shares of the company’s stock worth $9,665,000 after buying an additional 163,008 shares in the last quarter. Norges Bank purchased a new stake in shares of Relay Therapeutics during the 4th quarter worth approximately $33,789,000. Finepoint Capital LP raised its holdings in shares of Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after acquiring an additional 447,000 shares in the last quarter. NEOS Investment Management LLC bought a new position in shares of Relay Therapeutics during the 4th quarter valued at approximately $243,000. Finally, Rhenman & Partners Asset Management AB increased its position in Relay Therapeutics by 105.3% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 390,000 shares of the company’s stock worth $4,294,000 after purchasing an additional 200,000 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the sale, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 13,708 shares of Relay Therapeutics stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Insiders sold a total of 74,717 shares of company stock valued at $652,955 over the last 90 days. Insiders own 4.32% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on RLAY shares. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Barclays boosted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, September 17th. HC Wainwright boosted their target price on Relay Therapeutics from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.11.

Relay Therapeutics Price Performance

Shares of RLAY opened at $7.40 on Friday. The company’s fifty day moving average price is $7.50 and its 200-day moving average price is $7.25. Relay Therapeutics, Inc. has a 1-year low of $5.70 and a 1-year high of $12.14. The firm has a market capitalization of $990.79 million, a PE ratio of -2.85 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last issued 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 previous year, the business posted ($0.81) earnings per share. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.84 EPS for the current fiscal year.

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.