Braidwell LP Buys 492,628 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Braidwell LP grew its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 16.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,499,427 shares of the company’s stock after acquiring an additional 492,628 shares during the period. Braidwell LP owned 2.61% of Relay Therapeutics worth $24,776,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. First Turn Management LLC bought a new position in Relay Therapeutics in the 3rd quarter worth about $8,683,000. Logos Global Management LP bought a new position in Relay Therapeutics in the 2nd quarter worth about $8,476,000. Los Angeles Capital Management LLC grew its stake in Relay Therapeutics by 661.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock worth $692,000 after acquiring an additional 92,230 shares in the last quarter. Renaissance Technologies LLC grew its stake in Relay Therapeutics by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock worth $5,927,000 after acquiring an additional 145,837 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its stake in Relay Therapeutics by 54.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock worth $4,018,000 after acquiring an additional 218,302 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RLAY. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Bank of America upped their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price target for the company. Finally, Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.22.

Relay Therapeutics Trading Up 0.8 %

NASDAQ RLAY opened at $4.80 on Friday. The company has a fifty day simple moving average of $6.12 and a two-hundred day simple moving average of $6.87. The stock has a market cap of $803.42 million, a P/E ratio of -1.84 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. Relay Therapeutics’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.54) earnings per share. As a group, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the firm’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 owns 306,391 shares in the company, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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.