Adage Capital Partners GP L.L.C. Sells 250,000 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Adage Capital Partners GP L.L.C. reduced its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 15.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,400,000 shares of the company's stock after selling 250,000 shares during the period. Adage Capital Partners GP L.L.C. owned 0.84% of Relay Therapeutics worth $5,768,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RLAY. Barclays PLC grew its holdings in shares of Relay Therapeutics by 118.4% during the 3rd quarter. Barclays PLC now owns 251,819 shares of the company's stock worth $1,783,000 after purchasing an additional 136,541 shares during the period. Virtu Financial LLC acquired a new stake in Relay Therapeutics in the 3rd quarter valued at $333,000. Franklin Resources Inc. lifted its stake in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company's stock worth $9,429,000 after purchasing an additional 1,361,779 shares in the last quarter. Exome Asset Management LLC purchased a new stake in Relay Therapeutics during the 3rd quarter worth $2,936,000. Finally, JPMorgan Chase & Co. boosted its stake in Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company's stock valued at $39,064,000 after acquiring an additional 1,554,115 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. HC Wainwright restated a "buy" rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. The Goldman Sachs Group decreased their price target on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company assumed coverage on shares of Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 target price on the stock. Finally, Stifel Nicolaus reduced 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 note on Thursday, February 27th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Relay Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.36.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 140,182 shares of the firm's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $539,700.70. Following the sale, the chief executive officer now directly owns 625,948 shares in the company, valued at approximately $2,409,899.80. This trade represents a 18.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $32,217.00. Following the sale, the insider now directly owns 390,081 shares in the company, valued at approximately $1,170,243. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 309,826 shares of company stock worth $1,099,380 over the last 90 days. Company insiders own 4.32% of the company's stock.

Relay Therapeutics Price Performance

Shares of RLAY stock traded down $0.04 during mid-day trading on Friday, hitting $3.25. 2,466,796 shares of the stock traded hands, compared to its average volume of 2,002,525. The stock's fifty day moving average is $2.96 and its two-hundred day moving average is $4.21. The stock has a market cap of $550.95 million, a P/E ratio of -1.25 and a beta of 1.70. Relay Therapeutics, Inc. has a 52-week low of $1.78 and a 52-week high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12. As a group, equities analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

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.