Two Sigma Investments LP Cuts Stock Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Two Sigma Investments LP lessened its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 19.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 816,085 shares of the company's stock after selling 199,482 shares during the period. Two Sigma Investments LP owned approximately 0.49% of Relay Therapeutics worth $3,362,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RLAY. Steward Partners Investment Advisory LLC grew its holdings in shares of Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after buying an additional 4,000 shares during the last quarter. Stifel Financial Corp purchased a new stake in Relay Therapeutics during the 4th quarter valued at about $42,000. Cibc World Markets Corp purchased a new position in shares of Relay Therapeutics in the fourth quarter worth about $47,000. Summit Investment Advisors Inc. increased its holdings in Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock worth $52,000 after buying an additional 3,760 shares during the period. Finally, Virtus ETF Advisers LLC increased its stake in shares of Relay Therapeutics by 26.2% in the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock worth $61,000 after acquiring an additional 3,092 shares during the period. Hedge funds and other institutional investors own 96.98% of the company's stock.

Relay Therapeutics Price Performance

NASDAQ RLAY traded up $0.12 during mid-day trading on Tuesday, hitting $3.30. The stock had a trading volume of 217,418 shares, compared to its average volume of 2,070,701. The firm's 50 day moving average is $2.80 and its 200 day moving average is $3.70. The stock has a market capitalization of $565.77 million, a price-to-earnings ratio of -1.26 and a beta of 1.59. Relay Therapeutics, Inc. has a twelve month low of $1.78 and a twelve month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.04. The business had revenue of $7.68 million during the quarter, compared to analyst estimates of $0.01 million. Relay Therapeutics's quarterly revenue was down 23.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.62) earnings per share. As a group, equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Wall Street Analyst Weigh In

RLAY has been the subject of a number of recent research reports. Wells Fargo & Company started coverage on Relay Therapeutics in a research note on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price objective for the company. Guggenheim lowered their price objective on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating and set a $16.00 target price on shares of Relay Therapeutics in a report on Friday, March 7th. Stifel Nicolaus cut their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $17.67.

Insider Buying and Selling at Relay Therapeutics

In related news, insider Peter Rahmer sold 10,739 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $32,217.00. Following the sale, the insider now owns 390,081 shares of the company's stock, valued at $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 61,422 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the completion of the transaction, the chief executive officer now directly owns 821,667 shares in the company, valued at $2,440,350.99. This trade represents a 6.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 94,320 shares of company stock worth $280,981 over the last three months. Insiders own 4.87% of the company's stock.

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.