Exome Asset Management LLC Acquires Shares of 414,629 Relay Therapeutics, Inc. (NASDAQ:RLAY)

Exome Asset Management LLC bought a new position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) during the third quarter, according to its most recent filing with the SEC. The fund bought 414,629 shares of the company’s stock, valued at approximately $2,936,000. Relay Therapeutics accounts for 2.0% of Exome Asset Management LLC’s investment portfolio, making the stock its 21st largest holding. Exome Asset Management LLC owned about 0.25% of Relay Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Maven Securities LTD bought a new position in Relay Therapeutics during the third quarter valued at $2,389,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Relay Therapeutics by 26.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after buying an additional 214,398 shares in the last quarter. First Turn Management LLC purchased a new stake in shares of Relay Therapeutics during the third quarter worth $8,683,000. Ally Bridge Group NY LLC purchased a new position in shares of Relay Therapeutics in the third quarter valued at $4,432,000. Finally, Braidwell LP boosted its stake in Relay Therapeutics by 16.4% in the 3rd quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after purchasing an additional 492,628 shares during the period. 96.98% of the stock is owned by hedge funds and other institutional investors.

Relay Therapeutics Stock Performance

RLAY opened at $4.71 on Friday. Relay Therapeutics, Inc. has a fifty-two week low of $4.25 and a fifty-two week high of $12.14. The stock has a market cap of $788.37 million, a price-to-earnings ratio of -1.80 and a beta of 1.59. The firm’s fifty day moving average is $5.59 and its 200 day moving average is $6.69.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same period in the prior year, the company earned ($0.54) earnings per share. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. On average, equities research analysts predict that Relay Therapeutics, Inc. will post -2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 4.32% of the company’s stock.

Wall Street Analyst Weigh In

RLAY has been the topic of several research analyst reports. Barclays upped their price target on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday. Leerink Partners lowered their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Bank of America upped their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

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.