Prudential Financial Inc. Purchases 173,000 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Prudential Financial Inc. boosted its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 45.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 549,645 shares of the company's stock after acquiring an additional 173,000 shares during the quarter. Prudential Financial Inc. owned approximately 0.33% of Relay Therapeutics worth $2,265,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Relay Therapeutics by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company's stock worth $61,924,000 after purchasing an additional 566,595 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company's stock worth $39,064,000 after purchasing an additional 1,554,115 shares in the last quarter. State Street Corp increased its position in Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company's stock worth $30,446,000 after buying an additional 51,810 shares during the last quarter. Geode Capital Management LLC raised its holdings in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company's stock valued at $19,348,000 after buying an additional 367,473 shares in the last quarter. Finally, Candriam S.C.A. lifted its position in shares of Relay Therapeutics by 58.2% in the fourth quarter. Candriam S.C.A. now owns 1,729,199 shares of the company's stock worth $7,124,000 after buying an additional 636,494 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

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

Relay Therapeutics Price Performance

Shares of RLAY traded down $0.05 on Tuesday, reaching $2.00. 3,583,571 shares of the stock traded hands, compared to its average volume of 1,928,060. The stock's 50-day moving average price is $3.45 and its 200-day moving average price is $4.68. The firm has a market cap of $339.04 million, a price-to-earnings ratio of -0.77 and a beta of 1.70. Relay Therapeutics, Inc. has a 12 month low of $1.78 and a 12 month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, topping analysts' consensus estimates of ($0.57) by $0.12. As a group, equities research analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 75,324 shares of the business's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total value of $278,698.80. Following the sale, the chief executive officer now owns 883,089 shares of the company's stock, valued at $3,267,429.30. The trade was a 7.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Rahmer sold 17,250 shares of the company's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $4.42, for a total value of $76,245.00. Following the completion of the sale, the insider now owns 402,431 shares in the company, valued at $1,778,745.02. This trade represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 421,418 shares of company stock valued at $1,775,793 over the last quarter. 4.32% of the stock is owned by company insiders.

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.