Frazier Life Sciences Management L.P. Takes $19 Million Position in Relay Therapeutics, Inc. $RLAY

Key Points

• Frazier Life Sciences Management acquired 1.02 million Relay Therapeutics shares worth approximately $19 million, representing a 0.46% stake. Institutional investors and hedge funds collectively own 96.98% of the company.
• Relay Therapeutics reported a quarterly loss of $0.41 per share, missing estimates by $0.02, while revenue of $0.35 million fell short of the $0.96 million consensus forecast. Analysts expect a full-year loss of approximately $1.61 per share.
• The stock opened at $19.04, near its 52-week high of $21.27, and analysts maintain a “Moderate Buy” consensus with an average price target of $25.92. However, insiders sold more than 6.4 million shares worth $123.7 million over the past 90 days.

Frazier Life Sciences Management L.P. 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 filing with the Securities & Exchange Commission. The institutional investor acquired 1,015,693 shares of the company's stock, valued at approximately $19,004,000. Frazier Life Sciences Management L.P. owned 0.46% of Relay Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sanctuary Advisors LLC lifted its holdings in shares of Relay Therapeutics by 1.1% in the 1st quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company's stock worth $1,431,000 after purchasing an additional 1,588 shares during the last quarter. Abel Hall LLC grew its stake in Relay Therapeutics by 16.2% during the 4th quarter. Abel Hall LLC now owns 12,984 shares of the company's stock worth $110,000 after buying an additional 1,809 shares during the last quarter. Allworth Financial LP acquired a new stake in Relay Therapeutics in the second quarter worth $34,000. Cresset Asset Management LLC increased its position in Relay Therapeutics by 5.0% in the third quarter. Cresset Asset Management LLC now owns 38,932 shares of the company's stock worth $203,000 after buying an additional 1,848 shares during the period. Finally, Prelude Capital Management LLC lifted its stake in Relay Therapeutics by 18.7% in the third quarter. Prelude Capital Management LLC now owns 19,700 shares of the company's stock valued at $103,000 after buying an additional 3,100 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Stock Performance

RLAY stock opened at $19.04 on Monday. Relay Therapeutics, Inc. has a 52 week low of $3.86 and a 52 week high of $21.27. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -12.13 and a beta of 1.69. The firm's 50-day moving average is $19.36 and its two-hundred day moving average is $15.13.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.02). The business had revenue of $0.35 million during the quarter, compared to analysts' expectations of $0.96 million. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

Analyst Ratings Changes

RLAY has been the subject of several recent research reports. Wall Street Zen lowered shares of Relay Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. 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 target price for the company. Guggenheim restated a "buy" rating on shares of Relay Therapeutics in a research report on Friday, August 7th. The Goldman Sachs Group raised their price target on shares of Relay Therapeutics from $22.00 to $31.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Relay Therapeutics in a research report on Tuesday, May 19th. Two equities 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $25.92.

Insiders Place Their Bets

In other news, CEO Sanjiv Patel sold 48,199 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $19.58, for a total value of $943,736.42. Following the transaction, the chief executive officer owned 615,898 shares of the company's stock, valued at $12,059,282.84. The trade was a 7.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the sale, the insider directly owned 21,904,963 shares of the company's stock, valued at approximately $424,956,282.20. This represents a 21.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 6,414,147 shares of company stock valued at $123,723,695. 5.04% of the stock is currently owned by insiders.

Relay Therapeutics Profile

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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