Parkman Healthcare Partners LLC Purchases Shares of 500,548 Relay Therapeutics, Inc. (NASDAQ:RLAY)

Parkman Healthcare Partners LLC acquired a new position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 500,548 shares of the company's stock, valued at approximately $2,062,000. Parkman Healthcare Partners LLC owned about 0.30% of Relay Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in RLAY. Steward Partners Investment Advisory LLC boosted its stake in shares of Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after purchasing an additional 4,000 shares in the last quarter. Stifel Financial Corp purchased a new stake in shares of Relay Therapeutics in the 4th quarter valued at $42,000. Cibc World Markets Corp purchased a new stake in shares of Relay Therapeutics in the 4th quarter valued at $47,000. Summit Investment Advisors Inc. boosted its stake in shares of Relay Therapeutics by 41.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock valued at $52,000 after purchasing an additional 3,760 shares in the last quarter. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Relay Therapeutics by 26.2% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock valued at $61,000 after purchasing an additional 3,092 shares in the last quarter. 96.98% of the stock is owned by institutional investors.

Relay Therapeutics Stock Performance

Shares of RLAY stock traded up $0.12 during trading hours on Monday, reaching $2.93. The company had a trading volume of 715,827 shares, compared to its average volume of 2,483,829. The business has a fifty day moving average price of $2.87 and a 200-day moving average price of $3.93. Relay Therapeutics, Inc. has a one year low of $1.77 and a one year high of $10.72. The firm has a market cap of $501.48 million, a PE ratio of -1.12 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to the consensus estimate of $0.01 million. The business's quarterly revenue was down 23.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.62) earnings per share. Equities research analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 61,422 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total transaction of $182,423.34. Following the completion of the sale, the chief executive officer now directly owns 821,667 shares in the company, valued at approximately $2,440,350.99. The trade was a 6.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 12,943 shares of the business'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 owns 355,376 shares of the company's stock, valued at $1,066,128. This trade represents a 3.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,320 shares of company stock worth $280,981. 4.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. 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. 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 assumed 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. Finally, 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. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $17.67.

Relay Therapeutics Company 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.