Goldman Sachs Group Inc. Sells 627,974 Shares of Relay Therapeutics, Inc. $RLAY

Key Points

• Goldman Sachs Group Inc. reduced its stake in Relay Therapeutics by 23.2%, selling 627,974 shares and now holding approximately 1.21% of the company.
• Relay Therapeutics has received mixed ratings from analysts, with HC Wainwright and Raymond James lowering their price objectives, and a consensus target price of $16.50.
• The company's latest quarterly earnings showed a loss of ($0.41) per share, beating expectations, with revenue surpassing estimates by significant margins.

Goldman Sachs Group Inc. lessened its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 23.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,077,995 shares of the company's stock after selling 627,974 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.21% of Relay Therapeutics worth $5,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Millennium Management LLC grew 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 acquiring an additional 374,491 shares in the last quarter. MPM Bioimpact LLC grew its position 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 valued at $6,015,000 after purchasing an additional 27,099 shares during the period. Point72 Asset Management L.P. raised its stake in Relay Therapeutics by 18.0% during the fourth quarter. Point72 Asset Management L.P. now owns 1,592,753 shares of the company's stock worth $6,562,000 after purchasing an additional 243,353 shares during the period. Woodline Partners LP raised its stake in shares of Relay Therapeutics by 448.4% in the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock valued at $3,979,000 after acquiring an additional 1,241,657 shares during the period. Finally, Northern Trust Corp grew its holdings in 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 acquiring an additional 231,713 shares in the last quarter. Hedge funds and other institutional investors own 96.98% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RLAY. Raymond James Financial lowered their price target on shares of Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a research note on Friday, August 8th. Guggenheim started coverage on shares of Relay Therapeutics in a research report on Thursday, September 4th. They set a "buy" rating and a $15.00 price target for the company. Finally, HC Wainwright cut their price objective on shares of 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 investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $16.50.

Insider Transactions at Relay Therapeutics

In other news, insider Peter Rahmer sold 15,724 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $57,864.32. Following the completion of the sale, the insider directly owned 377,998 shares of the company's stock, valued at $1,391,032.64. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brian Adams sold 18,276 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were 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. The trade was a 4.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 149,226 shares of company stock valued at $542,926. Corporate insiders own 4.87% of the company's stock.

Relay Therapeutics Trading Up 2.4%

RLAY traded up $0.11 on Friday, reaching $4.66. The stock had a trading volume of 3,032,138 shares, compared to its average volume of 1,238,040. Relay Therapeutics, Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $7.86. The firm has a 50-day moving average of $3.70 and a 200-day moving average of $3.29. The company has a market capitalization of $803.43 million, a price-to-earnings ratio of -2.39 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, beating analysts' consensus estimates of ($0.49) by $0.08. The company had revenue of $0.70 million during the quarter, compared to the consensus estimate of $0.07 million. Sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

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.