Spruce Street Capital LP Purchases Shares of 2,984,125 Relay Therapeutics, Inc. $RLAY

Key Points

• Spruce Street Capital acquired 2,984,125 shares of Relay Therapeutics, representing approximately 1.36% of the company and 11% of the fund’s portfolio. Institutional investors collectively own 96.98% of RLAY.
• Company insiders sold 409,639 shares worth approximately $7.23 million over the past 90 days, including significant sales by the CFO and another insider.
• RLAY recently traded at $19.76, near its 52-week high, while analysts maintain a “Moderate Buy” consensus with an average price target of $25.92. The company’s latest quarterly loss exceeded estimates, and revenue fell short of expectations.

Spruce Street Capital LP acquired a new stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,984,125 shares of the company's stock, valued at approximately $55,832,979,000. Relay Therapeutics comprises approximately 11.0% of Spruce Street Capital LP's portfolio, making the stock its 2nd biggest holding. Spruce Street Capital LP owned about 1.36% of Relay Therapeutics at the end of the most recent quarter.

Several other large investors have also modified their holdings of RLAY. Torren Management LLC acquired a new stake in shares of Relay Therapeutics in the fourth quarter worth approximately $30,000. KBC Group NV acquired a new position in Relay Therapeutics during the first quarter worth approximately $34,000. Allworth Financial LP purchased a new position in Relay Therapeutics during the second quarter worth approximately $34,000. Smartleaf Asset Management LLC raised its stake in Relay Therapeutics by 288.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,426 shares of the company's stock worth $37,000 after purchasing an additional 3,287 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Relay Therapeutics in the 4th quarter valued at $46,000. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 187,163 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $16.97, for a total transaction of $3,176,156.11. Following the sale, the chief financial officer directly owned 177,461 shares in the company, valued at approximately $3,011,513.17. This trade represents a 51.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $19.09, for a total value of $954,500.00. Following the transaction, the insider directly owned 225,857 shares in the company, valued at $4,311,610.13. This trade represents a 18.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 409,639 shares of company stock worth $7,233,399. Company insiders own 5.04% of the company's stock.

Relay Therapeutics Stock Up 1.6%

RLAY opened at $19.76 on Tuesday. Relay Therapeutics, Inc. has a 52-week low of $3.44 and a 52-week high of $21.27. The company has a 50 day moving average of $18.95 and a two-hundred day moving average of $14.48. The company has a market cap of $4.33 billion, a P/E ratio of -12.59 and a beta of 1.69.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The company had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. Research analysts anticipate that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RLAY shares. Wells Fargo & Company boosted their price objective on shares of Relay Therapeutics from $17.00 to $21.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. JonesTrading raised Relay Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. Oppenheimer lifted their target price on Relay Therapeutics from $14.00 to $18.00 and gave the company an "outperform" rating in a report on Tuesday, April 28th. The Goldman Sachs Group boosted 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, Zacks Research upgraded Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Relay Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $25.92.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company's core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.

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