Balyasny Asset Management L.P. Acquires Shares of 692,279 Relay Therapeutics, Inc. (NASDAQ:RLAY)

Balyasny Asset Management L.P. acquired a new stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 692,279 shares of the company's stock, valued at approximately $2,852,000. Balyasny Asset Management L.P. owned approximately 0.41% of Relay Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Steward Partners Investment Advisory LLC grew its position in shares of Relay Therapeutics by 160.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after purchasing an additional 4,000 shares in the last quarter. Stifel Financial Corp bought a new stake in Relay Therapeutics during the fourth quarter valued at $42,000. Cibc World Markets Corp purchased a new position in Relay Therapeutics during the fourth quarter worth about $47,000. Summit Investment Advisors Inc. increased its stake in Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock worth $52,000 after acquiring an additional 3,760 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised its holdings in shares of Relay Therapeutics by 26.2% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock valued at $61,000 after acquiring an additional 3,092 shares in the last quarter. Institutional investors own 96.98% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. HC Wainwright reissued a "buy" rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. Guggenheim decreased their price target on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Stifel Nicolaus lowered their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, Wells Fargo & Company initiated coverage on Relay Therapeutics in a research note on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 target price on the stock. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.67.

Insider Buying and Selling at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 61,422 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total transaction of $182,423.34. Following the completion of the sale, the chief executive officer now directly owns 821,667 shares in the company, valued at approximately $2,440,350.99. This represents a 6.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 10,739 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $32,217.00. Following the transaction, the insider now owns 390,081 shares in the company, valued at approximately $1,170,243. This represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,320 shares of company stock worth $280,981. 4.32% of the stock is currently owned by insiders.

Relay Therapeutics Price Performance

Relay Therapeutics stock traded up $0.02 during mid-day trading on Thursday, hitting $2.79. The company's stock had a trading volume of 772,606 shares, compared to its average volume of 2,516,803. The business has a 50 day moving average price of $2.89 and a 200-day moving average price of $4.00. Relay Therapeutics, Inc. has a 12 month low of $1.77 and a 12 month high of $10.72. The stock has a market cap of $478.33 million, a price-to-earnings ratio of -1.07 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million during the quarter, compared to analysts' expectations of $0.01 million. The firm's quarterly revenue was down 23.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.62) EPS. On average, equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

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.