Acadian Asset Management LLC Buys 653,081 Shares of Relay Therapeutics, Inc. $RLAY

Key Points

• Acadian Asset Management LLC increased its ownership in Relay Therapeutics, Inc. by 2,256.1%, acquiring a total of 682,028 shares worth approximately $1.78 million.
• Analysts have mixed views on Relay Therapeutics, with price targets ranging from $14.00 to $19.00, and a consensus rating of "Buy".
• Insider transactions revealed the CEO sold shares, decreasing his ownership by 7.42%, while overall 96.98% of the stock is owned by institutional investors.

Acadian Asset Management LLC increased its holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 2,256.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 682,028 shares of the company's stock after purchasing an additional 653,081 shares during the period. Acadian Asset Management LLC owned approximately 0.40% of Relay Therapeutics worth $1,785,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of RLAY. Northern Trust Corp grew its position in shares of Relay Therapeutics by 24.7% during the 4th quarter. Northern Trust Corp now owns 1,169,979 shares of the company's stock worth $4,820,000 after purchasing an additional 231,713 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Relay Therapeutics by 10.5% in the 4th quarter. Ameriprise Financial Inc. now owns 305,441 shares of the company's stock valued at $1,258,000 after purchasing an additional 28,989 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Relay Therapeutics in the 4th quarter worth about $987,000. Deutsche Bank AG boosted its holdings in shares of Relay Therapeutics by 58.0% during the 4th quarter. Deutsche Bank AG now owns 82,460 shares of the company's stock valued at $340,000 after acquiring an additional 30,278 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new position in Relay Therapeutics during the fourth quarter valued at approximately $130,000. Institutional investors and hedge funds own 96.98% of the company's stock.

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 61,379 shares of the business's 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 sale, the chief executive officer owned 765,288 shares of the company's stock, valued at approximately $2,732,078.16. The trade was a 7.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Donald A. Bergstrom sold 26,701 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $98,259.68. Following the completion of the transaction, the insider owned 552,720 shares in the company, valued at $2,034,009.60. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 149,226 shares of company stock valued at $542,926 in the last 90 days. Corporate insiders own 4.87% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on RLAY shares. Guggenheim began coverage on shares of Relay Therapeutics in a report on Thursday, September 4th. They issued a "buy" rating and a $15.00 price target on the stock. Raymond James Financial reduced their target price on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a report on Friday, August 8th. Finally, HC Wainwright reduced their price objective on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $16.50.

Relay Therapeutics Trading Up 2.4%

NASDAQ:RLAY traded up $0.11 during trading hours on Friday, hitting $4.66. The stock had a trading volume of 3,032,138 shares, compared to its average volume of 1,238,040. The company has a market cap of $803.43 million, a PE ratio of -2.39 and a beta of 1.60. The business has a 50 day simple moving average of $3.70 and a two-hundred day simple moving average of $3.29. Relay Therapeutics, Inc. has a 1-year low of $1.77 and a 1-year high of $7.86.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.49) by $0.08. The company had revenue of $0.70 million for the quarter, compared to the consensus estimate of $0.07 million. Research analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal 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.