Candriam S.C.A. Sells 1,149,063 Shares of Relay Therapeutics, Inc. $RLAY

Key Points

• Candriam S.C.A. reduced its stake in Relay Therapeutics by 66.5%, selling 1,149,063 shares and now holding 580,136 shares worth approximately $1.52 million.
• Analysts have adjusted their price targets for Relay Therapeutics, with Raymond James lowering it from $29 to $19, while Guggenheim dropped it from $30 to $10.
• Insider selling was noted with key executives selling shares at around $3.68, resulting in a decrease of their personal holdings by approximately 5%.

Candriam S.C.A. reduced its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 66.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 580,136 shares of the company's stock after selling 1,149,063 shares during the period. Candriam S.C.A. owned 0.34% of Relay Therapeutics worth $1,520,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EntryPoint Capital LLC raised its stake in Relay Therapeutics by 220.2% during the 1st quarter. EntryPoint Capital LLC now owns 71,486 shares of the company's stock worth $187,000 after buying an additional 49,161 shares during the period. Hsbc Holdings PLC raised its stake in Relay Therapeutics by 4.2% during the 1st quarter. Hsbc Holdings PLC now owns 116,408 shares of the company's stock worth $300,000 after buying an additional 4,639 shares during the period. Cresset Asset Management LLC acquired a new stake in Relay Therapeutics during the 1st quarter worth $77,000. American Century Companies Inc. raised its stake in Relay Therapeutics by 13.4% during the 1st quarter. American Century Companies Inc. now owns 308,752 shares of the company's stock worth $809,000 after buying an additional 36,586 shares during the period. Finally, HighTower Advisors LLC raised its stake in Relay Therapeutics by 23.7% during the 1st quarter. HighTower Advisors LLC now owns 247,176 shares of the company's stock worth $648,000 after buying an additional 47,433 shares during the period. 96.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RLAY. Raymond James Financial dropped their price objective on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a research note on Friday, August 8th. Guggenheim dropped their price objective on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.25.

Relay Therapeutics Price Performance

RLAY opened at $3.69 on Friday. The business's 50-day moving average price is $3.49 and its two-hundred day moving average price is $3.27. Relay Therapeutics, Inc. has a 1 year low of $1.77 and a 1 year high of $10.72. The company has a market capitalization of $636.19 million, a price-to-earnings ratio of -1.89 and a beta of 1.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.08. The firm had revenue of $0.70 million during the quarter, compared to analyst estimates of $0.07 million. Sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, insider Brian Adams sold 18,276 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $67,255.68. Following the completion of the transaction, the insider owned 371,472 shares in the company, valued at $1,367,016.96. This trade represents a 4.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 18,380 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $67,638.40. Following the completion of the transaction, the chief financial officer owned 335,295 shares of the company's stock, valued at $1,233,885.60. The trade was a 5.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 149,226 shares of company stock worth $542,926. 4.87% of the stock is currently owned by company insiders.

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.

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