Ally Bridge Group NY LLC Invests $4.43 Million in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Ally Bridge Group NY LLC purchased a new stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 626,058 shares of the company’s stock, valued at approximately $4,432,000. Relay Therapeutics comprises 2.4% of Ally Bridge Group NY LLC’s holdings, making the stock its 25th biggest holding. Ally Bridge Group NY LLC owned about 0.47% of Relay Therapeutics at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. American International Group Inc. increased its position in Relay Therapeutics by 4.0% in the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after acquiring an additional 1,810 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Relay Therapeutics by 6.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock valued at $292,000 after purchasing an additional 2,547 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Relay Therapeutics in the second quarter valued at approximately $37,000. Rhumbline Advisers raised its position in Relay Therapeutics by 4.8% in the 2nd quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after purchasing an additional 7,508 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Relay Therapeutics by 11.2% during the 2nd quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after buying an additional 7,680 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

Analysts Set New Price Targets

RLAY has been the subject of several research reports. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 target price on shares of Relay Therapeutics in a research note on Monday, September 16th. Barclays lifted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Tuesday, September 17th. HC Wainwright raised their target price on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Stock Performance

Shares of NASDAQ RLAY opened at $4.80 on Thursday. Relay Therapeutics, Inc. has a 52-week low of $4.48 and a 52-week high of $12.14. The stock has a market cap of $803.44 million, a P/E ratio of -1.84 and a beta of 1.67. The firm has a 50 day moving average price of $6.18 and a 200 day moving average price of $6.88.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same period last year, the company posted ($0.54) EPS. The company’s revenue for the quarter was down 100.0% on a year-over-year basis. Analysts predict that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.32% of the stock is owned by company 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.