Braidwell LP Grows Stake in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Braidwell LP raised its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 16.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,499,427 shares of the company's stock after acquiring an additional 492,628 shares during the period. Braidwell LP owned approximately 2.61% of Relay Therapeutics worth $24,776,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC purchased a new stake in Relay Therapeutics during the 2nd quarter valued at about $37,000. Values First Advisors Inc. bought a new position in shares of Relay Therapeutics in the third quarter worth approximately $75,000. Virtu Financial LLC bought a new position in shares of Relay Therapeutics in the first quarter worth approximately $87,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Relay Therapeutics by 65.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company's stock valued at $182,000 after buying an additional 10,157 shares during the last quarter. Finally, Valence8 US LP bought a new stake in shares of Relay Therapeutics during the third quarter valued at approximately $185,000. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Price Performance

Shares of NASDAQ:RLAY traded down $0.10 during trading on Friday, hitting $4.70. The company's stock had a trading volume of 2,250,910 shares, compared to its average volume of 1,466,012. The firm has a market cap of $786.69 million, a price-to-earnings ratio of -1.80 and a beta of 1.67. The company has a 50-day moving average of $6.06 and a 200-day moving average of $6.86. Relay Therapeutics, Inc. has a 12 month low of $4.48 and a 12 month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same quarter in the previous year, the firm posted ($0.54) EPS. The company's revenue for the quarter was down 100.0% compared to the same quarter last year. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Insiders Place Their Bets

In other Relay Therapeutics 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 directly 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 4.32% of the company's stock.

Analyst Ratings Changes

RLAY has been the topic of several analyst reports. Bank of America upped their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a "hold" rating to a "buy" rating and upped their price target for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Barclays lifted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an "overweight" rating in a report on Tuesday, September 10th. JMP Securities reissued a "market outperform" rating and issued a $21.00 target price on shares of Relay Therapeutics in a research report on Tuesday, September 17th. Finally, Stifel Nicolaus reaffirmed a "buy" rating and set a $28.00 price target on shares of Relay Therapeutics in a report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.22.

Relay Therapeutics Company 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.