Voloridge Investment Management LLC Trims Stake in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Voloridge Investment Management LLC decreased its position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) by 49.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 623,339 shares of the company's stock after selling 607,037 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.37% of Relay Therapeutics worth $2,568,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RLAY. SG Americas Securities LLC increased its position in shares of Relay Therapeutics by 40.8% in the fourth quarter. SG Americas Securities LLC now owns 77,557 shares of the company's stock valued at $320,000 after acquiring an additional 22,473 shares during the period. China Universal Asset Management Co. Ltd. increased its position in shares of Relay Therapeutics by 37.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 35,491 shares of the company's stock valued at $146,000 after acquiring an additional 9,740 shares during the period. Savant Capital LLC purchased a new position in shares of Relay Therapeutics in the fourth quarter valued at about $120,000. Rhumbline Advisers increased its position in shares of Relay Therapeutics by 8.6% in the fourth quarter. Rhumbline Advisers now owns 171,444 shares of the company's stock valued at $706,000 after acquiring an additional 13,532 shares during the period. Finally, Congress Asset Management Co. increased its position in shares of Relay Therapeutics by 7.6% in the fourth quarter. Congress Asset Management Co. now owns 157,485 shares of the company's stock valued at $649,000 after acquiring an additional 11,061 shares during the period. Hedge funds and other institutional investors own 96.98% of the company's stock.

Insider Activity

In other Relay Therapeutics news, insider Peter Rahmer sold 10,739 shares of the company'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 transaction of $32,217.00. Following the completion of the sale, the insider now directly owns 390,081 shares of the company's stock, valued at approximately $1,170,243. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 12,943 shares of the company'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 transaction of $38,829.00. Following the sale, the chief financial officer now directly owns 355,376 shares of the company's stock, valued at approximately $1,066,128. This represents a 3.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,320 shares of company stock valued at $280,981 over the last three months. Insiders own 4.87% of the company's stock.

Analyst Ratings Changes

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

Relay Therapeutics Price Performance

NASDAQ:RLAY traded down $0.07 during mid-day trading on Friday, hitting $3.01. 1,407,436 shares of the company's stock were exchanged, compared to its average volume of 2,076,207. Relay Therapeutics, Inc. has a one year low of $1.78 and a one year high of $10.72. The business has a fifty day moving average price of $2.79 and a 200 day moving average price of $3.74. The company has a market cap of $516.05 million, a PE ratio of -1.15 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. During the same period in the previous year, the firm earned ($0.62) earnings per share. The firm's revenue for the quarter was down 23.0% on a year-over-year basis. On average, equities analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

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.