Finepoint Capital LP Acquires 549,500 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Finepoint Capital LP boosted its position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 33.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,175,646 shares of the company's stock after purchasing an additional 549,500 shares during the period. Relay Therapeutics comprises 0.5% of Finepoint Capital LP's investment portfolio, making the stock its 16th biggest position. Finepoint Capital LP owned approximately 1.30% of Relay Therapeutics worth $8,964,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RLAY. Russell Investments Group Ltd. raised its holdings in shares of Relay Therapeutics by 609.7% in the 4th quarter. Russell Investments Group Ltd. now owns 79,804 shares of the company's stock worth $329,000 after purchasing an additional 68,559 shares during the period. Trexquant Investment LP lifted its stake in Relay Therapeutics by 137.5% in the 4th quarter. Trexquant Investment LP now owns 978,137 shares of the company's stock worth $4,030,000 after purchasing an additional 566,275 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Relay Therapeutics by 10.9% in the 4th quarter. Geode Capital Management LLC now owns 3,030,157 shares of the company's stock valued at $12,487,000 after purchasing an additional 297,887 shares during the period. Norges Bank purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at $23,821,000. Finally, NEOS Investment Management LLC increased its holdings in shares of Relay Therapeutics by 10.9% in the fourth quarter. NEOS Investment Management LLC now owns 64,655 shares of the company's stock worth $266,000 after purchasing an additional 6,365 shares during the period. Hedge funds and other institutional investors own 96.98% of the company's stock.

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Relay Therapeutics Stock Performance

NASDAQ:RLAY traded up $0.11 during trading hours on Friday, reaching $2.33. The company's stock had a trading volume of 678,883 shares, compared to its average volume of 1,943,875. The firm has a 50-day simple moving average of $3.31 and a 200-day simple moving average of $4.59. Relay Therapeutics, Inc. has a 1 year low of $1.78 and a 1 year high of $10.72. The firm has a market capitalization of $394.14 million, a price-to-earnings ratio of -0.89 and a beta of 1.70.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, beating analysts' consensus estimates of ($0.57) by $0.12. Equities analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RLAY has been the topic of a number of research analyst reports. HC Wainwright restated a "buy" rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. JMP Securities reaffirmed a "market outperform" rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. The Goldman Sachs Group dropped their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, Stifel Nicolaus decreased their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $19.80.

Insider Activity

In other news, CFO Thomas Catinazzo sold 36,036 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total value of $166,846.68. Following the sale, the chief financial officer now directly owns 263,190 shares in the company, valued at approximately $1,218,569.70. This trade represents a 12.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjiv Patel sold 140,182 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $539,700.70. Following the transaction, the chief executive officer now owns 625,948 shares of the company's stock, valued at approximately $2,409,899.80. This represents a 18.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 421,418 shares of company stock valued at $1,775,793. 4.32% of the stock is currently owned by company insiders.

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.