Algert Global LLC Boosts Stock Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Algert Global LLC raised its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 7.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 513,277 shares of the company’s stock after buying an additional 36,389 shares during the quarter. Algert Global LLC owned about 0.38% of Relay Therapeutics worth $3,634,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Logos Global Management LP purchased a new position in shares of Relay Therapeutics in the 2nd quarter worth about $8,476,000. First Turn Management LLC purchased a new position in Relay Therapeutics in the third quarter worth about $8,683,000. Vanguard Group Inc. raised its holdings in Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after buying an additional 1,165,282 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Relay Therapeutics by 404.2% in the second quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock worth $7,493,000 after buying an additional 921,271 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Relay Therapeutics during the second quarter valued at approximately $1,804,000. 96.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays upped their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $28.00 target price on shares of Relay Therapeutics in a research report on Monday, September 16th. Bank of America raised their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. 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 presently has an average rating of “Moderate Buy” and an average price target of $21.22.

Relay Therapeutics Trading Up 2.3 %

RLAY opened at $4.86 on Tuesday. The company’s 50 day moving average is $6.29 and its 200 day moving average is $6.91. The company has a market cap of $813.47 million, a price-to-earnings ratio of -1.86 and a beta of 1.67. Relay Therapeutics, Inc. has a 12-month low of $4.48 and a 12-month high of $12.14.

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

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction that occurred 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 transaction, the chief financial officer now 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.