Relay Therapeutics, Inc. (NASDAQ:RLAY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 63.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 457,294 shares of the company's stock after selling 794,029 shares during the period. Bank of America Corp DE owned approximately 0.27% of Relay Therapeutics worth $1,884,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC lifted its stake in shares of 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 acquiring an additional 4,000 shares during the period. Stifel Financial Corp acquired a new stake in shares of Relay Therapeutics in the 4th quarter worth $42,000. Cibc World Markets Corp acquired a new stake in shares of Relay Therapeutics in the 4th quarter worth $47,000. Summit Investment Advisors Inc. lifted 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 during the period. Finally, Virtus ETF Advisers LLC increased its holdings 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 valued at $61,000 after purchasing an additional 3,092 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company's stock.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 10,739 shares of the company'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 transaction 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 represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sanjiv Patel sold 61,422 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total transaction of $182,423.34. Following the transaction, the chief executive officer now directly owns 821,667 shares in the company, valued at $2,440,350.99. The trade was a 6.96% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 94,320 shares of company stock valued at $280,981. Company insiders own 4.87% of the company's stock.

Relay Therapeutics Price Performance

Shares of NASDAQ RLAY traded up $0.12 on Friday, hitting $3.36. The company's stock had a trading volume of 1,765,054 shares, compared to its average volume of 2,077,422. Relay Therapeutics, Inc. has a 12-month low of $1.78 and a 12-month high of $10.72. The company has a market capitalization of $576.06 million, a price-to-earnings ratio of -1.29 and a beta of 1.59. The stock has a 50 day moving average of $2.84 and a 200-day moving average of $3.68.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $0.01 million. The business's quarterly revenue was down 23.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.62) EPS. Sell-side analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RLAY shares. Stifel Nicolaus decreased their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Guggenheim lowered their target price 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 lowered their target price 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 set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Finally, Wells Fargo & Company started coverage on shares of Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 target price on the stock. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.