Spruce Street Capital LP Makes New $55.83 Billion Investment in Relay Therapeutics, Inc. $RLAY

Spruce Street Capital LP acquired a new stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) in the second quarter, HoldingsChannel reports. The institutional investor acquired 2,984,125 shares of the company’s stock, valued at approximately $55,832,979,000. Relay Therapeutics makes up about 11.0% of Spruce Street Capital LP’s investment portfolio, making the stock its 2nd largest position.

Several other large investors also recently modified their holdings of the business. ICONIQ Capital LLC acquired a new position in shares of Relay Therapeutics in the second quarter worth about $1,772,000. Portland Investment Counsel Inc. purchased a new stake in Relay Therapeutics during the 2nd quarter worth approximately $187,000. Sanctuary Advisors LLC acquired a new position in shares of Relay Therapeutics in the 2nd quarter valued at approximately $1,995,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Relay Therapeutics during the second quarter worth approximately $17,993,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Relay Therapeutics during the second quarter worth approximately $448,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Relay Therapeutics

In related news, insider Donald A. Bergstrom sold 2,237 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $18.61, for a total transaction of $41,630.57. Following the sale, the insider owned 407,660 shares in the company, valued at $7,586,552.60. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sanjiv Patel sold 48,199 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $19.58, for a total transaction of $943,736.42. Following the completion of the transaction, the chief executive officer directly owned 615,898 shares in the company, valued at $12,059,282.84. This represents a 7.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 409,639 shares of company stock worth $7,233,399 in the last ninety days. Insiders own 5.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RLAY. Wells Fargo & Company upped their price target on shares of Relay Therapeutics from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. HC Wainwright increased their price target on shares of Relay Therapeutics from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. JonesTrading upgraded Relay Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a report on Monday, July 6th. Finally, Canaccord Genuity Group started coverage on Relay Therapeutics in a research note on Thursday, July 16th. They set a “buy” rating and a $29.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.92.

Relay Therapeutics Price Performance

RLAY stock opened at $19.76 on Tuesday. Relay Therapeutics, Inc. has a 1-year low of $3.44 and a 1-year high of $21.27. The firm has a fifty day moving average price of $18.95 and a two-hundred day moving average price of $14.48. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -12.59 and a beta of 1.69.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.02). The business had revenue of $0.35 million for the quarter, compared to the consensus estimate of $0.96 million. As a group, analysts expect that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company’s core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.