Persistent Asset Partners Ltd Decreases Stock Position in Relay Therapeutics, Inc. $RLAY

Persistent Asset Partners Ltd trimmed its holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 89.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,280 shares of the company’s stock after selling 90,507 shares during the period. Persistent Asset Partners Ltd’s holdings in Relay Therapeutics were worth $36,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Murchinson Ltd. purchased a new stake in shares of Relay Therapeutics in the first quarter valued at about $26,000. FNY Investment Advisers LLC raised its position in shares of Relay Therapeutics by 100.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock worth $34,000 after purchasing an additional 5,000 shares during the last quarter. Quinn Opportunity Partners LLC purchased a new stake in Relay Therapeutics in the 2nd quarter valued at approximately $35,000. DRW Securities LLC acquired a new stake in Relay Therapeutics during the 1st quarter valued at $28,000. Finally, May Hill Capital LLC acquired a new stake in Relay Therapeutics during the 2nd quarter valued at $38,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Insider Activity at Relay Therapeutics

In other news, insider Donald A. Bergstrom sold 30,897 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total transaction of $225,239.13. Following the completion of the sale, the insider directly owned 521,823 shares in the company, valued at $3,804,089.67. This represents a 5.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sanjiv Patel sold 62,073 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $7.00, for a total value of $434,511.00. Following the completion of the transaction, the chief executive officer directly owned 703,215 shares in the company, valued at $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 155,163 shares of company stock worth $1,117,630. 4.87% of the stock is currently owned by company insiders.

Relay Therapeutics Trading Down 2.5%

Shares of NASDAQ:RLAY opened at $6.29 on Friday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -3.59 and a beta of 1.76. The stock’s 50-day moving average price is $5.79 and its two-hundred day moving average price is $4.22. Relay Therapeutics, Inc. has a 12-month low of $1.77 and a 12-month high of $7.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). As a group, research analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on RLAY shares. HC Wainwright cut their price target on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 26th. Raymond James Financial dropped their price objective on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research report on Friday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Relay Therapeutics in a report on Tuesday, October 14th. Guggenheim initiated coverage on shares of Relay Therapeutics in a research note on Thursday, September 4th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Relay Therapeutics from $4.00 to $6.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.75.

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.