Bank of America Corp DE Sells 794,029 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Bank of America Corp DE lessened its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 63.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 457,294 shares of the company's stock after selling 794,029 shares during the quarter. Bank of America Corp DE owned about 0.27% of Relay Therapeutics worth $1,884,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Steward Partners Investment Advisory LLC grew its position in Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock worth $27,000 after buying an additional 4,000 shares during the last quarter. Stifel Financial Corp acquired a new position in Relay Therapeutics in the fourth quarter worth approximately $42,000. Cibc World Markets Corp acquired a new position in Relay Therapeutics in the fourth quarter worth approximately $47,000. Summit Investment Advisors Inc. grew its position in Relay Therapeutics by 41.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock worth $52,000 after buying an additional 3,760 shares during the last quarter. Finally, Virtus ETF Advisers LLC grew its position in Relay Therapeutics by 26.2% in the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock worth $61,000 after buying an additional 3,092 shares during the last quarter. Institutional investors and hedge funds own 96.98% of the company's stock.

Insider Buying and Selling

In related news, CEO Sanjiv Patel sold 61,422 shares of Relay Therapeutics stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the transaction, the chief executive officer now owns 821,667 shares in the company, valued at $2,440,350.99. This trade represents a 6.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas Catinazzo sold 12,943 shares of Relay Therapeutics stock in a transaction 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 owns 355,376 shares in the company, valued at $1,066,128. This trade represents a 3.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,320 shares of company stock worth $280,981 in the last quarter. 4.87% of the stock is currently owned by company insiders.

Relay Therapeutics Trading Up 0.3%

RLAY traded up $0.01 during trading on Thursday, hitting $3.24. The stock had a trading volume of 1,057,124 shares, compared to its average volume of 2,073,351. The firm has a market cap of $555.48 million, a PE ratio of -1.24 and a beta of 1.59. Relay Therapeutics, Inc. has a 12 month low of $1.78 and a 12 month high of $10.72. The company has a 50 day simple moving average of $2.81 and a 200-day simple moving average of $3.70.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping 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 revenue was down 23.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.62) EPS. As a group, sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.