Trexquant Investment LP Reduces Stock Position in Relay Therapeutics, Inc. $RLAY

Key Points

• Trexquant Investment LP has significantly reduced its stake in Relay Therapeutics by 66.8%, now owning 324,469 shares worth approximately $850,000 after selling 653,668 shares in Q1.
• In Q1, multiple institutional investors increased their holdings in Relay Therapeutics, with notable increases from Hsbc Holdings (+4.2%) and DekaBank Deutsche Girozentrale (+14.9%).
• Relay Therapeutics recently reported earnings with better-than-expected results, posting a loss of ($0.41) EPS, surpassing analyst estimates of ($0.49) EPS.

Trexquant Investment LP reduced its position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 66.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 324,469 shares of the company's stock after selling 653,668 shares during the quarter. Trexquant Investment LP owned about 0.19% of Relay Therapeutics worth $850,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in shares of Relay Therapeutics by 1.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company's stock worth $902,000 after purchasing an additional 3,325 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Relay Therapeutics by 4.2% during the first quarter. Hsbc Holdings PLC now owns 116,408 shares of the company's stock worth $300,000 after purchasing an additional 4,639 shares during the last quarter. Swiss National Bank raised its stake in shares of Relay Therapeutics by 3.4% during the first quarter. Swiss National Bank now owns 227,000 shares of the company's stock worth $595,000 after purchasing an additional 7,400 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Relay Therapeutics by 14.9% during the first quarter. DekaBank Deutsche Girozentrale now owns 68,937 shares of the company's stock worth $181,000 after purchasing an additional 8,937 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Relay Therapeutics by 4.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 232,582 shares of the company's stock worth $958,000 after purchasing an additional 9,293 shares during the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Peter Rahmer sold 15,724 shares of the firm's stock in a transaction 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 transaction, the insider owned 377,998 shares in the company, valued at $1,391,032.64. This trade represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brian Adams sold 18,276 shares of the firm's stock in a transaction 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 owned 371,472 shares of the company's stock, valued at approximately $1,367,016.96. This represents a 4.69% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 149,226 shares of company stock valued at $542,926. Company insiders own 4.87% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Raymond James Financial cut their price target 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. Guggenheim started coverage on Relay Therapeutics in a research note 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 Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Relay Therapeutics has a consensus rating of "Buy" and a consensus price target of $16.50.

Relay Therapeutics Stock Performance

NASDAQ:RLAY traded down $0.13 during trading hours on Friday, hitting $3.99. The company's stock had a trading volume of 1,288,238 shares, compared to its average volume of 1,129,673. The business's 50-day moving average is $3.64 and its two-hundred day moving average is $3.26. The company has a market capitalization of $687.92 million, a PE ratio of -2.05 and a beta of 1.60. Relay Therapeutics, Inc. has a 52-week low of $1.77 and a 52-week high of $8.31.

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 (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.08. The business had revenue of $0.70 million during the quarter, compared to analysts' expectations of $0.07 million. As a group, analysts predict 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.