Invesco Ltd. Acquires 65,414 Shares of Relay Therapeutics, Inc. $RLAY

Key Points

• Invesco Ltd. increased its position in Relay Therapeutics by 54.8%, owning 184,831 shares valued at $484,000 as of the end of the last quarter.
• Several institutional investors notably raised their stakes in Relay Therapeutics, including Tang Capital Management, which increased its stake by 126.1% during the last quarter.
• Relay Therapeutics reported a quarterly EPS of ($0.41), exceeding analyst expectations and generating revenues of $0.70 million compared to a consensus estimate of $0.07 million.

Invesco Ltd. raised its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 54.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 184,831 shares of the company's stock after purchasing an additional 65,414 shares during the period. Invesco Ltd. owned approximately 0.11% of Relay Therapeutics worth $484,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Stifel Financial Corp acquired a new position in Relay Therapeutics during the 4th quarter valued at about $42,000. Twinbeech Capital LP acquired a new position in Relay Therapeutics during the 4th quarter valued at about $42,000. AssuredPartners Investment Advisors LLC acquired a new position in Relay Therapeutics during the 1st quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in Relay Therapeutics during the 1st quarter valued at about $41,000. Finally, CWM LLC boosted its stake in Relay Therapeutics by 368.6% during 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 and hedge funds own 96.98% of the company's stock.

Relay Therapeutics Stock Up 1.5%

Relay Therapeutics stock traded up $0.06 during trading on Thursday, hitting $4.12. The stock had a trading volume of 962,964 shares, compared to its average volume of 1,154,472. Relay Therapeutics, Inc. has a 1 year low of $1.77 and a 1 year high of $8.31. The stock's 50 day moving average is $3.63 and its two-hundred day moving average is $3.25. The stock has a market cap of $710.33 million, a price-to-earnings ratio of -2.11 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results 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 the consensus estimate of $0.07 million. As a group, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RLAY has been the subject of a number of analyst reports. Raymond James Financial cut their price target on 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. Guggenheim began coverage on Relay Therapeutics in a research note on Thursday, September 4th. They issued a "buy" rating and a $15.00 target price on the stock. Finally, HC Wainwright cut their target price on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $16.50.

Insiders Place Their Bets

In related news, insider Donald A. Bergstrom sold 26,701 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $98,259.68. Following the transaction, the insider owned 552,720 shares of the company's stock, valued at $2,034,009.60. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjiv Patel sold 61,379 shares of the company's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $3.57, for a total transaction of $219,123.03. Following the sale, the chief executive officer owned 765,288 shares of the company's stock, valued at approximately $2,732,078.16. The trade was a 7.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 149,226 shares of company stock valued at $542,926 over the last quarter. 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.