First Turn Management LLC Buys New Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

First Turn Management LLC acquired a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,226,354 shares of the company's stock, valued at approximately $8,683,000. First Turn Management LLC owned 0.92% of Relay Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC bought a new stake in shares of Relay Therapeutics during the second quarter worth $37,000. Values First Advisors Inc. bought a new stake in shares of Relay Therapeutics during the third quarter valued at approximately $75,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Relay Therapeutics in the first quarter valued at approximately $79,000. Virtu Financial LLC bought a new position in Relay Therapeutics in the first quarter worth approximately $87,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Relay Therapeutics by 65.1% during the 3rd 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 during the period. 96.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 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 transaction of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.32% of the company's stock.

Relay Therapeutics Price Performance

RLAY traded down $0.09 during trading on Tuesday, hitting $4.80. The stock had a trading volume of 1,395,815 shares, compared to its average volume of 1,445,237. The stock has a 50 day simple moving average of $6.62 and a two-hundred day simple moving average of $6.98. Relay Therapeutics, Inc. has a twelve month low of $4.70 and a twelve month high of $12.14.

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

Wall Street Analysts Forecast Growth

RLAY has been the subject of several research reports. JMP Securities reiterated a "market outperform" rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. HC Wainwright upped their price objective on shares of Relay Therapeutics from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Bank of America raised their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $28.00 price target on shares of Relay Therapeutics in a research report on Monday, September 16th. Finally, The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They set a "buy" rating and a $20.00 price objective on the stock. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $21.22.

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.