Candriam S.C.A. Trims Stock Holdings in 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. decreased its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 66.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 about 0.34% of Relay Therapeutics worth $1,520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. AssuredPartners Investment Advisors LLC bought a new position in Relay Therapeutics in the 1st quarter valued at approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new position in Relay Therapeutics in the 1st quarter valued at approximately $41,000. Stifel Financial Corp bought a new position in Relay Therapeutics in the 4th quarter valued at approximately $42,000. Twinbeech Capital LP bought a new position in Relay Therapeutics in the 4th quarter valued at approximately $42,000. Finally, CWM LLC lifted its stake in Relay Therapeutics by 368.6% in the 1st quarter. CWM LLC now owns 20,269 shares of the company's stock valued at $53,000 after purchasing an additional 15,944 shares during the last quarter. Institutional investors own 96.98% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. HC Wainwright dropped their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday. Raymond James Financial dropped their price target on shares of Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a research note on Friday, August 8th. Finally, Guggenheim dropped their price target on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.08.

Relay Therapeutics Price Performance

Shares of RLAY traded down $0.13 during trading hours on Friday, hitting $3.57. 407,813 shares of the stock were exchanged, compared to its average volume of 2,215,875. The firm has a market capitalization of $614.65 million, a P/E ratio of -1.82 and a beta of 1.62. The business has a 50-day moving average of $3.52 and a 200-day moving average of $3.26. Relay Therapeutics, Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.49) by $0.08. The business had revenue of $0.70 million for the quarter, compared to analyst estimates of $0.07 million. As a group, analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, insider Brian Adams sold 18,276 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 transaction of $67,255.68. Following the transaction, the insider directly owned 371,472 shares of the company's stock, valued at $1,367,016.96. This trade represents a 4.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Donald A. Bergstrom sold 26,701 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 transaction of $98,259.68. Following the transaction, the insider directly owned 552,720 shares in the company, valued at $2,034,009.60. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 149,226 shares of company stock valued at $542,926 over the last three months. Insiders own 4.87% of the company's stock.

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.