Millennium Management LLC Purchases 1,508,777 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Millennium Management LLC grew its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 142.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,568,384 shares of the company's stock after purchasing an additional 1,508,777 shares during the quarter. Millennium Management LLC owned about 1.53% of Relay Therapeutics worth $10,582,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC raised its holdings in Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock worth $27,000 after purchasing an additional 4,000 shares in the last quarter. Stifel Financial Corp bought a new position in shares of Relay Therapeutics in the 4th quarter worth about $42,000. Cibc World Markets Corp bought a new position in shares of Relay Therapeutics in the 4th quarter worth about $47,000. Summit Investment Advisors Inc. increased its stake in shares of Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock worth $52,000 after acquiring an additional 3,760 shares in the last quarter. Finally, Virtus ETF Advisers LLC increased its stake in shares of Relay Therapeutics by 26.2% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock worth $61,000 after acquiring an additional 3,092 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 10,739 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $32,217.00. Following the transaction, the insider now owns 390,081 shares of the company's stock, valued at approximately $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 12,943 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $38,829.00. Following the completion of the transaction, the chief financial officer now directly owns 355,376 shares in the company, valued at approximately $1,066,128. The trade was a 3.51% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,320 shares of company stock valued at $280,981. 4.87% of the stock is owned by insiders.

Analysts Set New Price Targets

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

Relay Therapeutics Stock Up 3.9%

Shares of NASDAQ RLAY traded up $0.12 during trading on Thursday, reaching $3.07. 179,940 shares of the company traded hands, compared to its average volume of 2,068,981. The firm has a 50 day simple moving average of $2.79 and a 200-day simple moving average of $3.79. The stock has a market capitalization of $525.48 million, a PE ratio of -1.18 and a beta of 1.65. Relay Therapeutics, Inc. has a 52-week low of $1.78 and a 52-week high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. The business's revenue was down 23.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.62) EPS. As a group, research analysts predict that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

About Relay Therapeutics

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.