Relay Therapeutics, Inc. $RLAY Stock: Alps Advisors Inc. Boosts Position

Key Points

• Alps Advisors increased its Relay Therapeutics stake by 31.7% in the third quarter, to 290,321 shares valued at about $5.24 million. Institutional investors and hedge funds collectively own 96.98% of the stock.
• Relay reported quarterly earnings per share of -$0.37, better than analysts’ consensus estimate of -$0.40. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $25.92.
• Company insiders sold about 6.15 million shares worth $119.2 million over the prior 90 days; a major shareholder accounted for a 6-million-share sale.

Alps Advisors Inc. boosted its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 31.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 290,321 shares of the company's stock after purchasing an additional 69,935 shares during the quarter. Alps Advisors Inc. owned approximately 0.13% of Relay Therapeutics worth $5,240,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Relay Therapeutics during the 2nd quarter worth $286,042,000. Perceptive Advisors LLC grew its stake in Relay Therapeutics by 412.3% in the first quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company's stock worth $97,024,000 after purchasing an additional 7,847,896 shares in the last quarter. Spruce Street Capital LP acquired a new position in Relay Therapeutics in the second quarter worth about $55,832,979. Dimensional Fund Advisors LP increased its holdings in Relay Therapeutics by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company's stock valued at $29,248,000 after buying an additional 460,186 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Relay Therapeutics in the second quarter valued at about $50,425,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $18.60 on Monday. The company has a market cap of $4.08 billion, a P/E ratio of -12.32 and a beta of 1.74. The business has a 50 day moving average of $18.31 and a two-hundred day moving average of $15.20. Relay Therapeutics, Inc. has a 52 week low of $5.95 and a 52 week high of $21.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.37) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.03. Analysts expect that Relay Therapeutics, Inc. will post -1.59 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total value of $116,400,000.00. Following the sale, the insider directly owned 21,904,963 shares in the company, valued at approximately $424,956,282.20. This trade represents a 21.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 4,508 shares of the firm's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $20.03, for a total value of $90,295.24. Following the completion of the sale, the insider owned 223,657 shares in the company, valued at $4,479,849.71. The trade was a 1.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 6,149,344 shares of company stock worth $119,185,625. 5.04% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on RLAY shares. HC Wainwright increased their target price on Relay Therapeutics from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Zacks Research upgraded Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. JPMorgan Chase & Co. boosted their price target on Relay Therapeutics from $28.00 to $31.00 and gave the company an "overweight" rating in a report on Friday, August 14th. The Goldman Sachs Group upped their price target on Relay Therapeutics from $22.00 to $31.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Finally, Guggenheim reissued a "buy" rating on shares of Relay Therapeutics in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $25.92.

Relay Therapeutics Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them.

Relay's research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3Kα.

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