Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 961,702 Relay Therapeutics, Inc. $RLAY

Key Points

• Connor Clark & Lunn Investment Management acquired 961,702 Relay Therapeutics shares valued at approximately $18.0 million, representing about 0.44% of the company. Institutional investors collectively own 96.98% of RLAY.
• Analysts maintain a generally bullish outlook, with a consensus rating of “Moderate Buy” and an average price target of $25.92; Goldman Sachs raised its target to $31.00.
• RLAY shares opened at $20.57, near their 12-month high of $21.27, despite the company missing quarterly revenue and EPS estimates. Insiders have sold 409,639 shares worth approximately $7.2 million over the past 90 days.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 961,702 shares of the company's stock, valued at approximately $17,993,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.44% of Relay Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in RLAY. Torren Management LLC acquired a new stake in shares of Relay Therapeutics in the 4th quarter valued at about $30,000. KBC Group NV acquired a new position in Relay Therapeutics during the first quarter worth approximately $34,000. Allworth Financial LP purchased a new stake in Relay Therapeutics in the second quarter valued at approximately $34,000. Smartleaf Asset Management LLC lifted its stake in Relay Therapeutics by 288.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,426 shares of the company's stock valued at $37,000 after buying an additional 3,287 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at approximately $46,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RLAY shares. The Goldman Sachs Group raised their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Oppenheimer increased their price target on shares of Relay Therapeutics from $14.00 to $18.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. Canaccord Genuity Group started coverage on shares of Relay Therapeutics in a research note on Thursday, July 16th. They set a "buy" rating and a $29.00 price target for the company. Guggenheim reissued a "buy" rating on shares of Relay Therapeutics in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $25.92.

Insider Activity

In other news, CEO Sanjiv Patel sold 48,199 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $19.58, for a total value of $943,736.42. Following the completion of the sale, the chief executive officer directly owned 615,898 shares of the company's stock, valued at $12,059,282.84. This trade represents a 7.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas Catinazzo sold 187,163 shares of Relay Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $16.97, for a total value of $3,176,156.11. Following the completion of the sale, the chief financial officer owned 177,461 shares in the company, valued at approximately $3,011,513.17. This trade represents a 51.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 409,639 shares of company stock valued at $7,233,399. Company insiders own 5.04% of the company's stock.

Relay Therapeutics Trading Up 4.1%

Shares of RLAY stock opened at $20.57 on Wednesday. The company has a market capitalization of $4.51 billion, a P/E ratio of -13.10 and a beta of 1.69. The business's 50 day moving average is $19.07 and its two-hundred day moving average is $14.56. Relay Therapeutics, Inc. has a twelve month low of $3.44 and a twelve month high of $21.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.41) 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 analysts predict that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current fiscal 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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