Norges Bank Makes New $23.82 Million Investment in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Norges Bank purchased a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,781,878 shares of the company's stock, valued at approximately $23,821,000. Norges Bank owned 3.45% of Relay Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of RLAY. Charles Schwab Investment Management Inc. increased its holdings in Relay Therapeutics by 26.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company's stock valued at $7,333,000 after buying an additional 214,398 shares during the period. FMR LLC increased its stake in Relay Therapeutics by 27.4% in the third quarter. FMR LLC now owns 89,772 shares of the company's stock valued at $636,000 after acquiring an additional 19,296 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Relay Therapeutics by 6.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 223,289 shares of the company's stock valued at $1,581,000 after purchasing an additional 13,640 shares in the last quarter. Verition Fund Management LLC lifted its stake in Relay Therapeutics by 451.0% during the third quarter. Verition Fund Management LLC now owns 76,139 shares of the company's stock worth $539,000 after purchasing an additional 62,320 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Relay Therapeutics in the 3rd quarter valued at $9,554,000. Institutional investors and hedge funds own 96.98% of the company's stock.

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Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 36,036 shares of the company's 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 $1,218,569.70. This represents a 12.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 75,324 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $3.70, for a total transaction of $278,698.80. Following the sale, the chief executive officer now directly owns 883,089 shares of the company's stock, valued at $3,267,429.30. This represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 421,418 shares of company stock valued at $1,775,793 in the last three months. Insiders own 4.32% of the company's stock.

Relay Therapeutics Price Performance

NASDAQ RLAY traded up $0.20 during trading hours on Friday, reaching $2.42. The company's stock had a trading volume of 2,315,171 shares, compared to its average volume of 1,953,832. The firm has a fifty day simple moving average of $3.27 and a 200-day simple moving average of $4.56. Relay Therapeutics, Inc. has a 52 week low of $1.78 and a 52 week high of $10.72. The stock has a market cap of $410.24 million, a P/E ratio of -0.93 and a beta of 1.70.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.12. On average, research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Analysts Set New Price Targets

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

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.