Parkman Healthcare Partners LLC Has $493,000 Position in 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 lowered its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 62.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 188,052 shares of the company's stock after selling 312,496 shares during the period. Parkman Healthcare Partners LLC owned approximately 0.11% of Relay Therapeutics worth $493,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Murchinson Ltd. acquired a new position in shares of Relay Therapeutics in the 1st quarter worth $26,000. Millennium Management LLC increased its stake in Relay Therapeutics by 14.6% in the 1st quarter. Millennium Management LLC now owns 2,942,875 shares of the company's stock worth $7,710,000 after purchasing an additional 374,491 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Relay Therapeutics by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock worth $221,000 after buying an additional 5,238 shares during the period. AQR Capital Management LLC lifted its stake 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 buying an additional 38,812 shares in the last quarter. Finally, MPM Bioimpact LLC boosted its holdings in shares of Relay Therapeutics by 1.2% in the first quarter. MPM Bioimpact LLC now owns 2,295,924 shares of the company's stock worth $6,015,000 after buying an additional 27,099 shares during the period. 96.98% of the stock is owned by institutional investors.

Relay Therapeutics Price Performance

RLAY traded up $0.06 on Thursday, reaching $4.12. 962,964 shares of the company traded hands, compared to its average volume of 2,186,243. The company has a market cap of $710.33 million, a price-to-earnings ratio of -2.11 and a beta of 1.60. The stock's 50 day moving average price is $3.62 and its 200-day moving average price is $3.25. Relay Therapeutics, Inc. has a 52-week low of $1.77 and a 52-week high of $8.31.

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 company had revenue of $0.70 million for the quarter, compared to analyst estimates of $0.07 million. As a group, equities research analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RLAY has been the topic of a number of recent analyst reports. HC Wainwright cut their price target on shares of Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, August 26th. Guggenheim assumed coverage on Relay Therapeutics in a report on Thursday, September 4th. They issued a "buy" rating and a $15.00 target price for the company. Finally, Raymond James Financial decreased their target price on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $16.50.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 18,380 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $67,638.40. Following the transaction, the chief financial officer directly owned 335,295 shares of the company's stock, valued at $1,233,885.60. This represents a 5.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Adams sold 18,276 shares of the firm's 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 sale, the insider directly owned 371,472 shares of the company's stock, valued at $1,367,016.96. This trade represents a 4.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 149,226 shares of company stock valued at $542,926. Corporate 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.