Bank of America Corp DE Invests $50.42 Million in Relay Therapeutics, Inc. $RLAY

Key Points

• Bank of America acquired 2.7 million Relay Therapeutics shares worth approximately $50.4 million, giving it a 1.23% stake. Institutional investors collectively own nearly 97% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $25.92, above the reported share price of $18.84.
• Relay Therapeutics reported a quarterly loss of $0.41 per share, missing estimates, while insiders sold more than 6.2 million shares worth about $120.4 million over the past 90 days.

Bank of America Corp DE bought a new stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,695,108 shares of the company's stock, valued at approximately $50,425,000. Bank of America Corp DE owned approximately 1.23% of Relay Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Relay Therapeutics during the 2nd quarter valued at $286,042,000. Perceptive Advisors LLC boosted its position in Relay Therapeutics by 412.3% during the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company's stock valued at $97,024,000 after acquiring an additional 7,847,896 shares in the last quarter. Spruce Street Capital LP purchased a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $25,246,000. EcoR1 Capital LLC purchased a new position in shares of Relay Therapeutics during the 1st quarter worth approximately $18,952,000. Finally, Casdin Capital LLC raised its position in shares of Relay Therapeutics by 14.7% in the 4th quarter. Casdin Capital LLC now owns 13,003,574 shares of the company's stock worth $110,010,000 after acquiring an additional 1,662,193 shares in the last quarter. Hedge funds and other institutional investors own 96.98% of the company's stock.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several recent research reports. Zacks Research raised Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Wall Street Zen lowered shares of Relay Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. The Goldman Sachs Group lifted their price target on shares of Relay Therapeutics from $22.00 to $31.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. boosted their price objective on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Relay Therapeutics in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.92.

Relay Therapeutics Price Performance

RLAY stock opened at $18.84 on Monday. Relay Therapeutics, Inc. has a 1 year low of $4.32 and a 1 year high of $21.27. The company has a market cap of $4.13 billion, a P/E ratio of -12.00 and a beta of 1.69. The stock's fifty day moving average price is $19.30 and its 200-day moving average price is $15.81.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.02). The business had revenue of $0.35 million during the quarter, compared to the consensus estimate of $0.96 million. As a group, analysts expect that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, CEO Sanjiv Patel sold 48,199 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $19.58, for a total value of $943,736.42. Following the transaction, the chief executive officer directly owned 615,898 shares in the company, valued at approximately $12,059,282.84. This trade represents a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, the insider owned 225,857 shares in the company, valued at $4,311,610.13. This represents a 18.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,207,974 shares of company stock valued at $120,374,657 in the last 90 days. 5.04% of the stock is owned by insiders.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company that develops medicines for patients with genetically defined diseases, including cancer. The company combines computational and experimental approaches to study how proteins move and change shape, with the goal of identifying druggable sites and designing more selective therapies.

Relay's research platform, known as Dynamo, integrates structural biology, computational modeling, biophysics and chemistry to support the discovery and development of small-molecule drug candidates.

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