Principal Financial Group Inc. Sells 11,195 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Principal Financial Group Inc. decreased its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 43.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,580 shares of the company’s stock after selling 11,195 shares during the period. Principal Financial Group Inc.’s holdings in Relay Therapeutics were worth $95,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RLAY. Victory Capital Management Inc. purchased a new stake in Relay Therapeutics in the fourth quarter worth about $126,000. Charles Schwab Investment Management Inc. raised its position in shares of Relay Therapeutics by 22.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 877,813 shares of the company’s stock worth $9,665,000 after acquiring an additional 163,008 shares in the last quarter. Norges Bank purchased a new position in shares of Relay Therapeutics in the 4th quarter valued at approximately $33,789,000. Dynamic Technology Lab Private Ltd boosted its position in shares of Relay Therapeutics by 41.8% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 20,763 shares of the company’s stock valued at $228,000 after purchasing an additional 6,125 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Relay Therapeutics in the fourth quarter worth $147,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Performance

Shares of NASDAQ RLAY opened at $8.11 on Tuesday. The firm’s 50 day moving average price is $7.57 and its 200-day moving average price is $7.36. Relay Therapeutics, Inc. has a 52-week low of $5.70 and a 52-week high of $12.14. The company has a market cap of $1.09 billion, a PE ratio of -3.07 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the previous year, the business earned ($0.81) earnings per share. On average, analysts forecast that Relay Therapeutics, Inc. will post -2.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on RLAY. JMP Securities lowered their price objective on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, July 18th. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Stifel Nicolaus reissued a “buy” rating and set a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday. Barclays raised their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $21.11.

Insider Transactions at Relay Therapeutics

In other news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Relay Therapeutics news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the transaction, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter Rahmer sold 13,708 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Insiders sold 84,738 shares of company stock worth $715,499 over the last quarter. 4.32% of the stock is currently owned by insiders.

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.