Squarepoint Ops LLC Has $1.74 Million Position in Relay Therapeutics, Inc. $RLAY

Key Points

• Squarepoint Ops LLC cut its Relay Therapeutics stake by 48.3% in the second quarter, retaining 93,179 shares valued at approximately $1.74 million. Institutional investors and hedge funds collectively own 96.98% of the company.
• Analysts maintain a generally positive outlook, with Relay Therapeutics receiving a “Moderate Buy” consensus rating and an average price target of $25.92, above its reported share price of $18.97.
• Company insiders sold significant holdings recently, including shares sold by the CEO and CFO; insiders have sold 6.49 million shares worth approximately $125.1 million over the past three months. Relay also missed quarterly earnings and revenue expectations.

Squarepoint Ops LLC lessened its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 48.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 93,179 shares of the company's stock after selling 87,119 shares during the quarter. Squarepoint Ops LLC's holdings in Relay Therapeutics were worth $1,743,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Relay Therapeutics in the 2nd quarter valued at $286,042,000. Casdin Capital LLC boosted its position in Relay Therapeutics by 14.7% during the fourth quarter. Casdin Capital LLC now owns 13,003,574 shares of the company's stock worth $110,010,000 after purchasing an additional 1,662,193 shares during the period. Perceptive Advisors LLC grew its holdings in Relay Therapeutics by 412.3% during the first quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company's stock valued at $97,024,000 after purchasing an additional 7,847,896 shares during the last quarter. Spruce Street Capital LP bought a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $25,246,000. Finally, Dimensional Fund Advisors LP raised its position in shares of 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 purchasing an additional 460,186 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RLAY. Zacks Research upgraded shares of Relay Therapeutics from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Guggenheim restated a "buy" rating on shares of Relay Therapeutics in a report on Friday, August 7th. HC Wainwright raised their price target on Relay Therapeutics from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Citizens Jmp lifted their price objective on Relay Therapeutics from $21.00 to $26.00 and gave the stock a "market outperform" rating in a research note on Monday, August 10th. Finally, Barclays increased their target price on Relay Therapeutics from $27.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Relay Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $25.92.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 17,717 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.94, for a total value of $335,559.98. Following the completion of the transaction, the chief financial officer owned 122,851 shares of the company's stock, valued at approximately $2,326,797.94. This trade represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 48,199 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $18.94, for a total value of $912,889.06. Following the transaction, the chief executive officer directly owned 519,500 shares of the company's stock, valued at $9,839,330. This trade represents a 8.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,488,593 shares of company stock valued at $125,133,958 over the last three months. Insiders own 5.04% of the company's stock.

Relay Therapeutics Stock Down 0.5%

NASDAQ RLAY opened at $18.97 on Wednesday. Relay Therapeutics, Inc. has a twelve month low of $4.05 and a twelve month high of $21.27. The stock has a market cap of $4.16 billion, a P/E ratio of -12.08 and a beta of 1.69. The company's 50-day simple moving average is $19.37 and its 200 day simple moving average is $15.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $0.35 million for the quarter, compared to analysts' expectations of $0.96 million. Research analysts anticipate that Relay Therapeutics, Inc. will post -1.61 earnings per share for the current year.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company that develops medicines for patients with genetically defined diseases, including cancer. The company combines computational and experimental approaches to study how proteins move and change shape, with the goal of identifying druggable sites and designing more selective therapies.

Relay's research platform, known as Dynamo, integrates structural biology, computational modeling, biophysics and chemistry to support the discovery and development of small-molecule drug candidates.

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