Bank of New York Mellon Corp Boosts Stock Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Bank of New York Mellon Corp grew its holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 15.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 354,667 shares of the company’s stock after buying an additional 48,219 shares during the period. Bank of New York Mellon Corp owned 0.27% of Relay Therapeutics worth $2,312,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of RLAY. Allspring Global Investments Holdings LLC purchased a new position in shares of Relay Therapeutics during the 1st quarter worth $79,000. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics in the first quarter valued at $87,000. Los Angeles Capital Management LLC lifted its stake in Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in Relay Therapeutics in the fourth quarter valued at $126,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Relay Therapeutics during the first quarter worth approximately $127,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on RLAY shares. Stifel Nicolaus restated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday. JPMorgan Chase & Co. reduced their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. JMP Securities dropped their price objective on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. Bank of America upped their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.11.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $8.11 on Tuesday. Relay Therapeutics, Inc. has a one year low of $5.70 and a one year high of $12.14. The business’s 50-day simple moving average is $7.57 and its 200 day simple moving average is $7.36. The stock has a market cap of $1.09 billion, a price-to-earnings 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, beating the consensus estimate of ($0.73) by $0.04. During the same period in the prior year, the business earned ($0.81) earnings per share. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -2.86 EPS for the current year.

Insider Activity

In related news, insider Peter Rahmer sold 13,708 shares of the business’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Rahmer sold 13,708 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were 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 in the company, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. In the last three months, insiders sold 84,738 shares of company stock valued at $715,499. Company insiders own 4.32% of the company’s stock.

Relay Therapeutics 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.