JPMorgan Chase & Co. Increases Stock Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

JPMorgan Chase & Co. increased its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 39.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,517,516 shares of the company’s stock after purchasing an additional 1,554,115 shares during the quarter. JPMorgan Chase & Co.’s holdings in Relay Therapeutics were worth $39,064,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Relay Therapeutics by 6.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after purchasing an additional 2,547 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics during the second quarter worth $37,000. Rhumbline Advisers raised its position in Relay Therapeutics by 4.8% in the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after acquiring an additional 7,508 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Relay Therapeutics by 11.2% in the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock valued at $499,000 after acquiring an additional 7,680 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Relay Therapeutics during the 3rd quarter worth $63,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjiv Patel sold 100,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the sale, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,587 shares of company stock worth $573,856 over the last three months. 4.32% of the stock is owned by insiders.

Relay Therapeutics Trading Up 2.8 %

NASDAQ RLAY opened at $4.42 on Monday. The business’s 50-day moving average price is $4.93 and its 200 day moving average price is $6.39. Relay Therapeutics, Inc. has a twelve month low of $4.01 and a twelve month high of $12.14. The company has a market capitalization of $739.83 million, a PE ratio of -1.69 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly 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 quarter last year, the business posted ($0.54) earnings per share. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. Equities analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Bank of America increased their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. HC Wainwright lowered their target price on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, December 4th. JPMorgan Chase & Co. cut their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Barclays upped their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Leerink Partners reduced their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

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.