Relay Therapeutics, Inc. (NASDAQ:RLAY) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 48.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 154,920 shares of the company’s stock after selling 148,425 shares during the quarter. HighTower Advisors LLC owned 0.12% of Relay Therapeutics worth $1,096,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of RLAY. Eventide Asset Management LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth $18,989,000. Walleye Capital LLC increased its holdings in Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after acquiring an additional 1,793,057 shares in the last quarter. Logos Global Management LP acquired a new position in Relay Therapeutics during the second quarter worth about $8,476,000. First Turn Management LLC purchased a new stake in shares of Relay Therapeutics in the third quarter valued at about $8,683,000. Finally, Bellevue Group AG lifted its holdings in shares of Relay Therapeutics by 15.7% in the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after purchasing an additional 1,000,069 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $4.50 on Wednesday. Relay Therapeutics, Inc. has a 1 year low of $4.25 and a 1 year high of $12.14. The firm has a 50 day moving average price of $5.52 and a 200 day moving average price of $6.67. The company has a market cap of $753.22 million, a price-to-earnings ratio of -1.72 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. The company’s revenue was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.54) EPS. Sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RLAY. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Bank of America boosted their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

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.