Relay Therapeutics, Inc. $RLAY Shares Sold by Goldman Sachs Group Inc.

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

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in Relay Therapeutics by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 63,606 shares of the company's stock valued at $157,000 after acquiring an additional 22,307 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Relay Therapeutics during the 1st quarter valued at approximately $41,000. DekaBank Deutsche Girozentrale raised its stake in Relay Therapeutics by 14.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 68,937 shares of the company's stock valued at $181,000 after acquiring an additional 8,937 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Relay Therapeutics by 137.5% during the 4th quarter. Nuveen Asset Management LLC now owns 653,428 shares of the company's stock valued at $2,692,000 after acquiring an additional 378,322 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Relay Therapeutics during the 1st quarter valued at approximately $223,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several analyst reports. HC Wainwright reduced their price objective on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, August 26th. Raymond James Financial cut their target price on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a research note on Friday, August 8th. Finally, Guggenheim assumed coverage on Relay Therapeutics in a research note on Thursday, September 4th. They set a "buy" rating and a $15.00 target price for the company. 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 stock has an average rating of "Buy" and a consensus price target of $16.50.

Relay Therapeutics Price Performance

NASDAQ RLAY opened at $4.06 on Tuesday. Relay Therapeutics, Inc. has a 1-year low of $1.77 and a 1-year high of $8.31. The company has a market capitalization of $699.98 million, a P/E ratio of -2.08 and a beta of 1.60. The business has a 50 day moving average price of $3.65 and a 200 day moving average price of $3.26.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.08. The firm had revenue of $0.70 million during the quarter, compared to analysts' expectations of $0.07 million. On average, research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 61,379 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 765,288 shares of the company's stock, valued at $2,732,078.16. This trade represents a 7.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Adams sold 18,276 shares of the firm's 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 completion of the transaction, 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. Insiders sold a total of 149,226 shares of company stock worth $542,926 over the last ninety days. 4.32% of the stock is currently owned by corporate insiders.

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.

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