OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Stock Holdings in Relay Therapeutics, Inc. $RLAY

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 66.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 127,036 shares of the company’s stock after selling 255,864 shares during the period. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.07% of Relay Therapeutics worth $440,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP raised its position in shares of Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock worth $3,979,000 after acquiring an additional 1,241,657 shares during the period. Norges Bank purchased a new position in shares of Relay Therapeutics in the 2nd quarter valued at about $2,892,000. Acadian Asset Management LLC raised its holdings in Relay Therapeutics by 2,256.1% in the 1st quarter. Acadian Asset Management LLC now owns 682,028 shares of the company’s stock worth $1,785,000 after purchasing an additional 653,081 shares during the period. Millennium Management LLC boosted its position in Relay Therapeutics by 14.6% during the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company’s stock worth $7,710,000 after purchasing an additional 374,491 shares in the last quarter. Finally, Private Capital Advisors Inc. boosted its position in Relay Therapeutics by 341.7% during the second quarter. Private Capital Advisors Inc. now owns 441,739 shares of the company’s stock worth $1,528,000 after purchasing an additional 341,739 shares in the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. HC Wainwright reduced their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, August 26th. Guggenheim started coverage on shares of Relay Therapeutics in a report on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a report on Tuesday, October 14th. Finally, Wells Fargo & Company lifted their price target on Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.83.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $7.79 on Friday. Relay Therapeutics, Inc. has a one year low of $1.77 and a one year high of $8.36. The stock has a market cap of $1.35 billion, a PE ratio of -4.45 and a beta of 1.50. The stock has a 50 day moving average price of $6.90 and a 200 day moving average price of $4.80.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.04). As a group, analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Peter Rahmer sold 21,394 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $7.50, for a total transaction of $160,455.00. Following the completion of the sale, the insider directly owned 337,469 shares in the company, valued at approximately $2,531,017.50. This trade represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjiv Patel sold 62,073 shares of Relay Therapeutics stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $7.00, for a total transaction of $434,511.00. Following the transaction, the chief executive officer directly owned 703,215 shares in the company, valued at $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 155,163 shares of company stock worth $1,117,630. Company insiders own 4.87% of the company’s stock.

About Relay Therapeutics

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.