Parkman Healthcare Partners LLC Sells 312,496 Shares of Relay Therapeutics, Inc. $RLAY

Key Points

• Parkman Healthcare Partners LLC significantly decreased its stake in Relay Therapeutics by 62.4%, selling 312,496 shares and retaining 188,052 shares, worth approximately $493,000.
• Analysts have set varied price targets for Relay Therapeutics, with Guggenheim establishing a "buy" rating and a price target of $15.00, while Raymond James and HC Wainwright revised theirs downwards.
• Insider selling has occurred, including CEO Sanjiv Patel and insider Brian Adams, indicating a decrease in their stock ownership despite the company experiencing a 3.0% stock price increase recently.

Parkman Healthcare Partners LLC reduced its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 62.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 188,052 shares of the company's stock after selling 312,496 shares during the quarter. Parkman Healthcare Partners LLC owned approximately 0.11% of Relay Therapeutics worth $493,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Murchinson Ltd. bought a new stake in Relay Therapeutics during the first quarter valued at about $26,000. Millennium Management LLC raised its holdings in Relay Therapeutics by 14.6% during the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company's stock valued at $7,710,000 after acquiring an additional 374,491 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Relay Therapeutics by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock valued at $221,000 after acquiring an additional 5,238 shares during the period. AQR Capital Management LLC raised its holdings in Relay Therapeutics by 11.9% during the first quarter. AQR Capital Management LLC now owns 364,946 shares of the company's stock valued at $956,000 after acquiring an additional 38,812 shares during the period. Finally, MPM Bioimpact LLC raised its holdings in Relay Therapeutics by 1.2% during the first quarter. MPM Bioimpact LLC now owns 2,295,924 shares of the company's stock valued at $6,015,000 after acquiring an additional 27,099 shares during the period. 96.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on RLAY. Guggenheim began coverage on Relay Therapeutics in a report on Thursday. They set a "buy" rating and a $15.00 price target on the stock. Raymond James Financial decreased their price target on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a report on Friday, August 8th. Finally, HC Wainwright decreased their price target on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $17.50.

Insider Buying and Selling

In related news, CEO Sanjiv Patel sold 61,379 shares of Relay Therapeutics stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $3.57, for a total value of $219,123.03. Following the completion of the transaction, the chief executive officer owned 765,288 shares in the company, valued at approximately $2,732,078.16. This trade represents a 7.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Adams sold 18,276 shares of Relay Therapeutics stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $67,255.68. Following the completion of the transaction, the insider owned 371,472 shares of the company's stock, valued at approximately $1,367,016.96. This represents a 4.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 149,226 shares of company stock valued at $542,926 in the last quarter. 4.87% of the stock is currently owned by insiders.

Relay Therapeutics Trading Up 3.0%

Shares of RLAY stock opened at $4.12 on Friday. Relay Therapeutics, Inc. has a 12-month low of $1.77 and a 12-month high of $10.72. The stock's 50-day moving average price is $3.59 and its 200-day moving average price is $3.25. The stock has a market capitalization 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, topping the consensus estimate of ($0.49) by $0.08. The firm had revenue of $0.70 million during the quarter, compared to the consensus estimate of $0.07 million. As a group, research analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Relay Therapeutics Company 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.

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