State Street Corp Increases Stake in Relay Therapeutics, Inc. (NASDAQ:RLAY)

State Street Corp increased its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,300,216 shares of the company’s stock after buying an additional 51,810 shares during the period. State Street Corp owned 3.21% of Relay Therapeutics worth $30,446,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in shares of Relay Therapeutics by 15.7% during the second quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock worth $2,312,000 after buying an additional 48,219 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Relay Therapeutics by 304.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 38,656 shares of the company’s stock worth $252,000 after buying an additional 29,087 shares during the period. Rhumbline Advisers increased its position in shares of Relay Therapeutics by 4.8% during the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after acquiring an additional 7,508 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Relay Therapeutics by 11.2% in the 2nd 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, Candriam S.C.A. lifted its holdings in shares of Relay Therapeutics by 38.4% in the 2nd quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock worth $4,586,000 after acquiring an additional 195,000 shares during the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RLAY shares. The Goldman Sachs Group assumed coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. Barclays raised their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research report on Thursday, December 12th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Insider Buying and Selling at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $5.00, for a total value of $500,000.00. Following the transaction, the chief executive officer now directly owns 574,548 shares in the company, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,423 shares of company stock worth $551,043 over the last three months. Insiders own 4.32% of the company’s stock.

Relay Therapeutics Trading Down 2.3 %

Relay Therapeutics stock opened at $4.16 on Friday. The company has a fifty day simple moving average of $5.38 and a 200-day simple moving average of $6.62. The stock has a market cap of $696.31 million, a P/E ratio of -1.59 and a beta of 1.59. Relay Therapeutics, Inc. has a 12-month low of $4.11 and a 12-month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same period in the previous year, the company earned ($0.54) EPS. The company’s revenue was down 100.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

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.