Alphabet Inc. Makes New Investment in Relay Therapeutics, Inc. $RLAY

Key Points

• Alphabet acquired a new 1.41 million-share stake in Relay Therapeutics during the second quarter, valued at approximately $26.4 million and representing about 0.74% of the biotech company.
• Relay Therapeutics shares opened at $20.67, near their 52-week high, while the company reported a quarterly loss of $0.41 per share and revenue of $0.35 million, both weaker than analysts’ expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $25.83, although insiders sold roughly $7.2 million in shares over the latest quarter.

Alphabet Inc. acquired a new stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,410,029 shares of the company's stock, valued at approximately $26,382,000. Relay Therapeutics accounts for approximately 0.0% of Alphabet Inc.'s holdings, making the stock its 17th biggest holding. Alphabet Inc. owned approximately 0.74% of Relay Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Torren Management LLC acquired a new position in Relay Therapeutics during the 4th quarter valued at about $30,000. KBC Group NV acquired a new position in Relay Therapeutics during the first quarter valued at $34,000. Smartleaf Asset Management LLC lifted its position in Relay Therapeutics by 288.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,426 shares of the company's stock valued at $37,000 after purchasing an additional 3,287 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Relay Therapeutics in the fourth quarter valued at $46,000. Finally, Captrust Financial Advisors purchased a new stake in Relay Therapeutics in the second quarter valued at $49,000. Hedge funds and other institutional investors own 96.98% of the company's stock.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $20.67 on Tuesday. Relay Therapeutics, Inc. has a one year low of $3.31 and a one year high of $20.79. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of -13.17 and a beta of 1.69. The stock has a 50 day moving average price of $18.38 and a 200 day moving average price of $14.05.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The firm had revenue of $0.35 million for the quarter, compared to analysts' expectations of $0.96 million. On average, analysts predict that Relay Therapeutics, Inc. will post -1.58 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 1,459 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $18.61, for a total transaction of $27,151.99. Following the completion of the transaction, the chief financial officer directly owned 158,285 shares of the company's stock, valued at approximately $2,945,683.85. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Peter Rahmer sold 50,000 shares of Relay Therapeutics stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $19.09, for a total transaction of $954,500.00. Following the sale, the insider directly owned 225,857 shares of the company's stock, valued at approximately $4,311,610.13. This trade represents a 18.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 409,639 shares of company stock worth $7,233,399 over the last quarter. 5.04% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on RLAY shares. Wall Street Zen downgraded Relay Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday. Canaccord Genuity Group began coverage on Relay Therapeutics in a research report on Thursday, July 16th. They set a "buy" rating and a $29.00 price target for the company. Citigroup reissued a "market outperform" rating on shares of Relay Therapeutics in a report on Monday, August 10th. Barclays upped their price objective on Relay Therapeutics from $27.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Relay Therapeutics in a report on Tuesday, May 19th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.83.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company's core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.

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