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

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

A number of other hedge funds have also added to or reduced their stakes in RLAY. Martingale Asset Management L P increased its position in Relay Therapeutics by 3.5% during the fourth quarter. Martingale Asset Management L P now owns 80,371 shares of the company's stock worth $331,000 after buying an additional 2,700 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Relay Therapeutics by 41.9% during 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. Steward Partners Investment Advisory LLC lifted its holdings in 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 during the last quarter. Invesco Ltd. boosted its position in Relay Therapeutics by 4.6% during the fourth quarter. Invesco Ltd. now owns 119,417 shares of the company's stock worth $492,000 after purchasing an additional 5,261 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in shares of Relay Therapeutics by 19.5% in the fourth quarter. Teacher Retirement System of Texas now owns 33,720 shares of the company's stock valued at $139,000 after purchasing an additional 5,492 shares during the last quarter. Institutional investors own 96.98% of the company's stock.

Wall Street Analyst Weigh In

RLAY has been the subject of several research analyst reports. The Goldman Sachs Group decreased their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. Stifel Nicolaus reduced their price target on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, Wells Fargo & Company started coverage on Relay Therapeutics in a report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $18.36.

Relay Therapeutics Price Performance

RLAY traded down $0.04 during trading on Friday, hitting $3.25. 2,466,796 shares of the stock traded hands, compared to its average volume of 2,010,860. The business has a 50 day moving average price of $2.95 and a 200 day moving average price of $4.15. Relay Therapeutics, Inc. has a twelve month low of $1.78 and a twelve month high of $10.72. The company has a market cap of $554.09 million, a price-to-earnings ratio of -1.25 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping analysts' consensus estimates of ($0.57) by $0.12. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 140,182 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $539,700.70. Following the sale, the chief executive officer now owns 625,948 shares in the company, valued at $2,409,899.80. This trade represents a 18.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas Catinazzo sold 12,943 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $38,829.00. Following the sale, the chief financial officer now directly owns 355,376 shares in the company, valued at approximately $1,066,128. The trade was a 3.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 309,826 shares of company stock valued at $1,099,380. 4.32% of the stock is currently owned by insiders.

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.