Nuveen Asset Management LLC Grows Stake in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Nuveen Asset Management LLC raised its position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 137.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 653,428 shares of the company's stock after buying an additional 378,322 shares during the quarter. Nuveen Asset Management LLC owned 0.39% of Relay Therapeutics worth $2,692,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RLAY. SG Americas Securities LLC grew its holdings in Relay Therapeutics by 40.8% in the 4th quarter. SG Americas Securities LLC now owns 77,557 shares of the company's stock valued at $320,000 after buying an additional 22,473 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Relay Therapeutics by 37.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 35,491 shares of the company's stock valued at $146,000 after buying an additional 9,740 shares in the last quarter. Savant Capital LLC acquired a new position in Relay Therapeutics in the 4th quarter valued at $120,000. Rhumbline Advisers grew its holdings in Relay Therapeutics by 8.6% in the 4th quarter. Rhumbline Advisers now owns 171,444 shares of the company's stock valued at $706,000 after buying an additional 13,532 shares in the last quarter. Finally, Congress Asset Management Co. grew its holdings in Relay Therapeutics by 7.6% in the 4th quarter. Congress Asset Management Co. now owns 157,485 shares of the company's stock valued at $649,000 after buying an additional 11,061 shares in the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 10,739 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $32,217.00. Following the completion of the sale, the insider now directly owns 390,081 shares in the company, valued at $1,170,243. This represents a 2.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sanjiv Patel sold 61,422 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the sale, the chief executive officer now owns 821,667 shares of the company's stock, valued at $2,440,350.99. This represents a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,320 shares of company stock worth $280,981 over the last ninety days. 4.87% of the stock is owned by corporate insiders.

Relay Therapeutics Stock Down 1.8%

Relay Therapeutics stock traded down $0.06 during mid-day trading on Wednesday, reaching $3.23. 1,112,487 shares of the company's stock were exchanged, compared to its average volume of 2,073,723. The business's fifty day simple moving average is $2.80 and its 200 day simple moving average is $3.70. The firm has a market capitalization of $553.77 million, a PE ratio of -1.24 and a beta of 1.59. Relay Therapeutics, Inc. has a one year low of $1.78 and a one year high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $0.01 million. The business's quarterly revenue was down 23.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.62) earnings per share. On average, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Guggenheim cut their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. The Goldman Sachs Group cut their target price on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company assumed coverage on Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 target price for the company. Stifel Nicolaus cut their target price on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, HC Wainwright reiterated a "buy" rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Relay Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $17.67.

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.