Cornercap Investment Counsel Inc. Trims Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Cornercap Investment Counsel Inc. lowered its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 52.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,811 shares of the company’s stock after selling 12,043 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Relay Therapeutics were worth $77,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in shares of Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after purchasing an additional 65,484 shares during the period. Logos Global Management LP purchased a new stake in Relay Therapeutics in the 2nd quarter worth $8,476,000. Allspring Global Investments Holdings LLC purchased a new stake in Relay Therapeutics in the 1st quarter worth $79,000. Los Angeles Capital Management LLC raised its holdings in Relay Therapeutics by 661.7% during the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock valued at $692,000 after acquiring an additional 92,230 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Relay Therapeutics by 19.1% in the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock valued at $5,927,000 after acquiring an additional 145,837 shares in the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Price Performance

NASDAQ:RLAY opened at $4.89 on Tuesday. The business has a 50 day simple moving average of $6.62 and a 200-day simple moving average of $6.98. The firm has a market capitalization of $818.50 million, a price-to-earnings ratio of -1.87 and a beta of 1.67. Relay Therapeutics, Inc. has a 1 year low of $4.88 and a 1 year high of $12.14.

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

Analyst Ratings Changes

Several research firms recently issued reports on RLAY. Stifel Nicolaus reiterated a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research report on Monday, September 16th. The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Tuesday, September 17th. Bank of America lifted 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. dropped 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 given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $21.22.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction 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 sale, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.32% of the stock is owned by insiders.

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.