Relay Therapeutics, Inc. (NASDAQ:RLAY) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 48.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 154,920 shares of the company's stock after selling 148,425 shares during the quarter. HighTower Advisors LLC owned 0.12% of Relay Therapeutics worth $1,096,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Eventide Asset Management LLC acquired a new stake in shares of Relay Therapeutics during the third quarter valued at about $18,989,000. Walleye Capital LLC boosted its position in shares of Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company's stock worth $12,885,000 after purchasing an additional 1,793,057 shares during the period. Logos Global Management LP purchased a new position in shares of Relay Therapeutics during the 2nd quarter worth approximately $8,476,000. First Turn Management LLC acquired a new stake in Relay Therapeutics in the 3rd quarter valued at approximately $8,683,000. Finally, Bellevue Group AG raised its position in Relay Therapeutics by 15.7% in the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company's stock valued at $52,230,000 after purchasing an additional 1,000,069 shares during the period. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RLAY has been the subject of a number of research reports. Jefferies Financial Group raised Relay Therapeutics from a "hold" rating to a "buy" rating and lifted their price objective for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Oppenheimer lowered shares of Relay Therapeutics from an "outperform" rating to a "market perform" rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. reduced their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 10th. Leerink Partners dropped their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, December 4th. Finally, Bank of America increased their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.

Relay Therapeutics Trading Down 7.0 %

Shares of NASDAQ:RLAY opened at $4.50 on Wednesday. The company has a market cap of $753.22 million, a PE ratio of -1.72 and a beta of 1.59. The company's 50 day moving average is $5.52 and its two-hundred day moving average is $6.67. Relay Therapeutics, Inc. has a 52 week low of $4.25 and a 52 week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. The firm's quarterly revenue was down 100.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.54) earnings per share. As a group, equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity

In related news, CFO Thomas Catinazzo sold 6,802 shares of the company's stock in a transaction that occurred on Monday, October 28th. The stock was 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 of the company's stock, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale 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.

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.