Point72 Asset Management L.P. Increases Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Point72 Asset Management L.P. raised its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 18.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,592,753 shares of the company’s stock after buying an additional 243,353 shares during the period. Point72 Asset Management L.P.’s holdings in Relay Therapeutics were worth $6,562,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of RLAY. SG Americas Securities LLC boosted its position in shares of Relay Therapeutics by 40.8% during the fourth quarter. SG Americas Securities LLC now owns 77,557 shares of the company’s stock valued at $320,000 after buying an additional 22,473 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Relay Therapeutics by 37.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 35,491 shares of the company’s stock valued at $146,000 after purchasing an additional 9,740 shares during the period. Savant Capital LLC purchased a new stake in shares of Relay Therapeutics in the fourth quarter valued at approximately $120,000. Rhumbline Advisers boosted its holdings in shares of Relay Therapeutics by 8.6% in the fourth quarter. Rhumbline Advisers now owns 171,444 shares of the company’s stock valued at $706,000 after purchasing an additional 13,532 shares during the period. Finally, Congress Asset Management Co. boosted its holdings in shares of Relay Therapeutics by 7.6% in the fourth quarter. Congress Asset Management Co. now owns 157,485 shares of the company’s stock valued at $649,000 after purchasing an additional 11,061 shares during the period. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Trading Up 4.3%

Shares of RLAY stock opened at $2.93 on Tuesday. The business’s fifty day simple moving average is $2.85 and its 200-day simple moving average is $3.91. The company has a market cap of $502.33 million, a PE ratio of -1.12 and a beta of 1.65. Relay Therapeutics, Inc. has a 12-month low of $1.78 and a 12-month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. The business’s revenue for the quarter was down 23.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.62) earnings per share. On average, equities analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 12,943 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total value of $38,829.00. Following the transaction, the chief financial officer now directly owns 355,376 shares of the company’s stock, valued at $1,066,128. This represents a 3.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 61,422 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the completion of the transaction, the chief executive officer now directly owns 821,667 shares in the company, valued at approximately $2,440,350.99. The trade was a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,320 shares of company stock valued at $280,981. Corporate insiders own 4.87% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on RLAY shares. Wells Fargo & Company started coverage on Relay Therapeutics in a report on Thursday, April 17th. They issued an “equal weight” rating and a $4.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. The Goldman Sachs Group lowered their price target on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Stifel Nicolaus reduced their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Guggenheim reduced their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.67.

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.