JPMorgan Chase & Co. Reduces Position in Relay Therapeutics, Inc. $RLAY

Key Points

• JPMorgan cut holdings by 89.3% in Relay Therapeutics during Q3, selling 3,876,024 shares and leaving the firm with 462,379 shares (about 0.27% of the company) worth $2.41 million.
• Company insiders — including Donald Bergstrom and CFO Thomas Catinazzo — sold shares (transactions on Jan. 27) and insiders have offloaded 50,134 shares valued at $386,781 in the past 90 days, reducing insider ownership to 4.87%.
• Several analysts raised targets (Wells Fargo to $17, HC Wainwright to $19, Guggenheim to $22) and the consensus rating is a Moderate Buy with a $18 price target; the stock has a $2.23B market cap and recently beat EPS and revenue estimates for the quarter.

JPMorgan Chase & Co. cut its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 89.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 462,379 shares of the company's stock after selling 3,876,024 shares during the period. JPMorgan Chase & Co. owned approximately 0.27% of Relay Therapeutics worth $2,414,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RLAY. Captrust Financial Advisors purchased a new stake in shares of Relay Therapeutics during the second quarter valued at $49,000. Cerity Partners LLC purchased a new position in Relay Therapeutics in the second quarter worth about $51,000. Jump Financial LLC purchased a new position in Relay Therapeutics in the second quarter worth about $53,000. Dynamic Technology Lab Private Ltd purchased a new position in Relay Therapeutics in the first quarter worth about $53,000. Finally, Abel Hall LLC purchased a new position in Relay Therapeutics in the third quarter worth about $58,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Donald A. Bergstrom sold 18,895 shares of Relay Therapeutics stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $7.62, for a total transaction of $143,979.90. Following the transaction, the insider directly owned 422,733 shares of the company's stock, valued at $3,221,225.46. The trade was a 4.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas Catinazzo sold 13,820 shares of Relay Therapeutics stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $7.62, for a total value of $105,308.40. Following the transaction, the chief financial officer directly owned 250,996 shares in the company, valued at approximately $1,912,589.52. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 50,134 shares of company stock valued at $386,781 in the last ninety days. Corporate insiders own 4.87% of the company's stock.

Relay Therapeutics Stock Down 0.7%

RLAY stock opened at $12.45 on Tuesday. Relay Therapeutics, Inc. has a twelve month low of $1.77 and a twelve month high of $13.38. The stock has a market cap of $2.23 billion, a P/E ratio of -7.69 and a beta of 1.57. The business's 50-day moving average price is $9.56 and its 200-day moving average price is $7.96.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.38) by $0.06. The company had revenue of $7.00 million for the quarter, compared to analysts' expectations of $4.34 million. On average, equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on RLAY shares. Wells Fargo & Company raised their target price on Relay Therapeutics from $15.00 to $17.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Relay Therapeutics in a research report on Friday, January 9th. HC Wainwright raised their target price on Relay Therapeutics from $14.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, March 23rd. Oppenheimer reissued an "outperform" rating on shares of Relay Therapeutics in a research report on Monday, March 16th. Finally, Guggenheim raised their target price on Relay Therapeutics from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

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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