Ally Bridge Group NY LLC Takes Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Ally Bridge Group NY LLC acquired a new stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 626,058 shares of the company's stock, valued at approximately $4,432,000. Relay Therapeutics accounts for 2.4% of Ally Bridge Group NY LLC's holdings, making the stock its 25th biggest holding. Ally Bridge Group NY LLC owned 0.47% of Relay Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC acquired a new stake in Relay Therapeutics in the second quarter valued at approximately $37,000. Values First Advisors Inc. bought a new position in shares of Relay Therapeutics during the 3rd quarter valued at $75,000. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at $87,000. China Universal Asset Management Co. Ltd. boosted its holdings in Relay Therapeutics by 65.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company's stock worth $182,000 after purchasing an additional 10,157 shares in the last quarter. Finally, Valence8 US LP acquired a new position in Relay Therapeutics during the third quarter worth $185,000. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RLAY shares. Jefferies Financial Group upgraded shares of Relay Therapeutics from a "hold" rating to a "buy" rating and lifted their target price for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. HC Wainwright lifted their target price on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, November 8th. JMP Securities reissued a "market outperform" rating and issued a $21.00 price target on shares of Relay Therapeutics in a research report on Tuesday, September 17th. The Goldman Sachs Group initiated 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 for the company. Finally, Oppenheimer cut Relay Therapeutics from an "outperform" rating to a "market perform" rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Relay Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $21.22.

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 sale, the chief financial officer now directly owns 306,391 shares of the company's stock, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.32% of the company's stock.

Relay Therapeutics Stock Performance

RLAY traded up $0.04 during midday trading on Thursday, reaching $4.80. 1,119,734 shares of the company were exchanged, compared to its average volume of 1,462,575. The stock has a market capitalization of $803.44 million, a P/E ratio of -1.84 and a beta of 1.67. The stock's 50-day simple moving average is $6.18 and its 200 day simple moving average is $6.88. Relay Therapeutics, Inc. has a one year low of $4.48 and a one year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) 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. During the same period last year, the firm earned ($0.54) earnings per share. Relay Therapeutics's revenue was down 100.0% on a year-over-year basis. On average, research analysts anticipate that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

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.