Congress Asset Management Co. Raises Position in Relay Therapeutics, Inc. $RLAY

Key Points

• Congress Asset Management increased its Relay Therapeutics stake by 24.5% in the third quarter, owning 779,544 shares worth approximately $14.1 million. Institutional investors collectively hold nearly 97% of the company.
• Analyst sentiment remains broadly positive, with Relay Therapeutics receiving a “Moderate Buy” consensus rating and an average price target of $25.92, despite one recent downgrade to “Sell.”
• Relay Therapeutics shares opened at $18.74 after a 3.4% decline. The clinical-stage biotechnology company recently missed quarterly earnings and revenue estimates, reporting a loss of $0.41 per share and $0.35 million in revenue.

Congress Asset Management Co. increased its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 24.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 779,544 shares of the company's stock after purchasing an additional 153,403 shares during the quarter. Congress Asset Management Co. owned 0.36% of Relay Therapeutics worth $14,071,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RLAY. BlackRock Inc. acquired a new position in Relay Therapeutics during the 2nd quarter valued at about $286,042,000. Perceptive Advisors LLC grew 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 worth $97,024,000 after purchasing an additional 7,847,896 shares in the last quarter. Spruce Street Capital LP acquired a new position in shares of Relay Therapeutics in the 4th quarter valued at about $25,246,000. Bank of America Corp DE acquired a new position in shares of Relay Therapeutics in the second quarter worth $50,425,000. Finally, EcoR1 Capital LLC purchased a new stake in shares of Relay Therapeutics during the 1st quarter worth about $18,952,000. Institutional investors and hedge funds own 96.98% of the company's stock.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, insider Donald A. Bergstrom sold 8,530 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $18.97, for a total transaction of $161,814.10. Following the transaction, the insider owned 399,130 shares of the company's stock, valued at $7,571,496.10. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Peter Rahmer sold 4,508 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $20.03, for a total value of $90,295.24. Following the completion of the sale, the insider directly owned 223,657 shares of the company's stock, valued at approximately $4,479,849.71. The trade was a 1.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 6,083,398 shares of company stock worth $117,983,261. Corporate insiders own 5.04% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on RLAY. Citizens Jmp lifted their price target on shares of Relay Therapeutics from $21.00 to $26.00 and gave the company a "market outperform" rating in a research report on Monday, August 10th. JPMorgan Chase & Co. increased their target price on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Wall Street Zen lowered shares of Relay Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Zacks Research upgraded shares of Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Finally, Guggenheim reissued a "buy" rating on shares of Relay Therapeutics in a report on Friday, August 7th. Two 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 issued a Sell rating to the company's stock. According to MarketBeat, Relay Therapeutics has an average rating of "Moderate Buy" and an average target price of $25.92.

Relay Therapeutics Trading Down 3.4%

Shares of Relay Therapeutics stock opened at $18.74 on Wednesday. Relay Therapeutics, Inc. has a 12 month low of $5.47 and a 12 month high of $21.27. The company has a market capitalization of $4.11 billion, a PE ratio of -11.94 and a beta of 1.72. The stock's fifty day simple moving average is $19.13 and its 200 day simple moving average is $16.50.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.41) EPS for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.02). The company had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. Analysts predict that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Relay Therapeutics Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for diseases driven by genetically defined targets, particularly in oncology. The company uses its proprietary Dynamo platform, which combines structural biology, computational modeling, machine learning and medicinal chemistry to study how proteins move and to identify potential drug-binding sites that may be difficult to address with conventional approaches.

Relay's pipeline has included targeted cancer therapies such as RLY-2608, an investigational oral inhibitor designed to selectively target PI3K-alpha mutations, and RLY-4008 (lirafugratinib), an investigational FGFR2 inhibitor developed for cancers with specific FGFR2 alterations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.