Parkman Healthcare Partners LLC Takes $2.06 Million Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Parkman Healthcare Partners LLC purchased a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 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 (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC boosted its stake in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock worth $27,000 after buying an additional 4,000 shares during the period. Stifel Financial Corp purchased a new stake in shares of Relay Therapeutics during the fourth quarter valued at $42,000. Cibc World Markets Corp purchased a new stake in shares of Relay Therapeutics during the fourth quarter valued at $47,000. Summit Investment Advisors Inc. boosted its stake in shares of Relay Therapeutics by 41.9% during the fourth 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 during the period. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Relay Therapeutics by 26.2% during the fourth 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 during the period. 96.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Relay Therapeutics Stock Down 9.0%

Shares of NASDAQ RLAY opened at $2.83 on Wednesday. The business's 50 day moving average price is $2.90 and its 200 day moving average price is $4.00. The firm has a market cap of $485.19 million, a P/E ratio of -1.08 and a beta of 1.65. Relay Therapeutics, Inc. has a 52 week low of $1.78 and a 52 week high of $10.72.

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 analysts' consensus estimates of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. During the same quarter last year, the business earned ($0.62) EPS. The company's quarterly revenue was down 23.0% on a year-over-year basis. As a group, research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 12,943 shares of the company's stock in a transaction 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 transaction, the chief financial officer now directly owns 355,376 shares of the company's stock, valued at $1,066,128. This represents a 3.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 75,324 shares of the company's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $3.70, for a total transaction of $278,698.80. Following the completion of the transaction, the chief executive officer now owns 883,089 shares in the company, valued at approximately $3,267,429.30. This trade represents a 7.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,644 shares of company stock valued at $559,679 in the last three months. 4.32% of the stock is owned by corporate insiders.

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.

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