Quarry LP Purchases New Shares in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Quarry LP purchased a new position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 36,000 shares of the company’s stock, valued at approximately $255,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its stake in Relay Therapeutics by 6.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock valued at $292,000 after acquiring an additional 2,547 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Relay Therapeutics in the 2nd quarter valued at about $37,000. Rhumbline Advisers grew its stake in Relay Therapeutics by 4.8% in the 2nd 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. grew its stake in 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 last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Relay Therapeutics in the 3rd quarter valued at about $63,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $4.28 on Friday. The company has a market cap of $716.40 million, a PE ratio of -1.64 and a beta of 1.59. The company has a fifty day moving average price of $5.84 and a two-hundred day moving average price of $6.79. Relay Therapeutics, Inc. has a 12 month low of $4.25 and a 12 month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The firm’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.54) earnings per share. Equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on RLAY shares. JPMorgan Chase & Co. reduced their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. HC Wainwright cut their price objective on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America increased their price objective on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Leerink Partners cut their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a report on Tuesday, September 17th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.32% of the company’s stock.

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.