Bank of New York Mellon Corp Acquires New Shares in Relay Therapeutics, Inc. $RLAY

Key Points

• Bank of New York Mellon acquired 462,756 Relay Therapeutics shares worth approximately $8.66 million, while institutional investors collectively owned 96.98% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $25.92; Barclays and JPMorgan recently raised their targets to $30 and $31, respectively.
• Relay Therapeutics missed quarterly expectations, reporting an adjusted loss of $0.41 per share versus the expected $0.39 loss and revenue of $0.35 million versus the $0.96 million consensus estimate. Insiders also sold $123.7 million of shares over the past three months.

Bank of New York Mellon Corp acquired a new stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 462,756 shares of the company's stock, valued at approximately $8,658,000. Bank of New York Mellon Corp owned about 0.24% of Relay Therapeutics at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in Relay Therapeutics by 11.9% during the 1st quarter. AQR Capital Management LLC now owns 364,946 shares of the company's stock worth $956,000 after acquiring an additional 38,812 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Relay Therapeutics by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock worth $221,000 after purchasing an additional 5,238 shares in the last quarter. Millennium Management LLC raised its position in Relay Therapeutics by 14.6% in the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company's stock valued at $7,710,000 after purchasing an additional 374,491 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Relay Therapeutics during the first quarter worth about $53,000. Finally, Woodline Partners LP increased its stake in shares of Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock valued at $3,979,000 after buying an additional 1,241,657 shares during the period. Institutional investors and hedge funds own 96.98% of the company's stock.

Analyst Ratings Changes

RLAY has been the subject of a number of analyst reports. Wall Street Zen downgraded Relay Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Barclays raised their price target on shares of Relay Therapeutics from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Zacks Research upgraded shares of Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Raymond James Financial reissued a "strong-buy" rating on shares of Relay Therapeutics in a research report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. lifted their target price on Relay Therapeutics from $28.00 to $31.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.92.

Insider Buying and Selling

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 187,163 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $16.97, for a total transaction of $3,176,156.11. Following the sale, the chief financial officer owned 177,461 shares in the company, valued at $3,011,513.17. This trade represents a 51.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Donald A. Bergstrom sold 93,456 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.94, for a total value of $1,583,144.64. Following the completion of the sale, the insider directly owned 418,557 shares of the company's stock, valued at approximately $7,090,355.58. This represents a 18.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,414,147 shares of company stock valued at $123,723,695 in the last three months. Insiders own 5.04% of the company's stock.

Relay Therapeutics Trading Up 0.1%

Shares of RLAY opened at $18.51 on Thursday. The stock has a 50 day moving average of $19.32 and a 200 day moving average of $14.99. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of -11.79 and a beta of 1.69. Relay Therapeutics, Inc. has a 12 month low of $3.58 and a 12 month high of $21.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share (EPS) 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 the consensus estimate of $0.96 million. As a group, equities research analysts predict that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

About Relay Therapeutics

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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