Relay Therapeutics, Inc. $RLAY Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 4.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,983,750 shares of the company’s stock after selling 93,547 shares during the period. Pictet Asset Management Holding SA owned 0.91% of Relay Therapeutics worth $35,966,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RLAY. BlackRock Inc. bought a new position in Relay Therapeutics in the 2nd quarter worth $286,042,000. Perceptive Advisors LLC increased its position in shares of Relay Therapeutics by 412.3% during the first quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock valued at $97,024,000 after buying an additional 7,847,896 shares during the period. Spruce Street Capital LP bought a new position in Relay Therapeutics in the second quarter worth about $55,832,979. Dimensional Fund Advisors LP raised its stake in Relay Therapeutics by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock worth $29,248,000 after buying an additional 460,186 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in Relay Therapeutics in the second quarter worth about $50,425,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Thomas Catinazzo sold 17,717 shares of Relay Therapeutics stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $18.59, for a total value of $329,359.03. Following the completion of the sale, the chief financial officer owned 105,134 shares of the company’s stock, valued at $1,954,441.06. The trade was a 14.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Donald A. Bergstrom sold 8,530 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.97, for a total value of $161,814.10. Following the sale, the insider owned 399,130 shares of the company’s stock, valued at approximately $7,571,496.10. This trade represents a 2.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 6,149,344 shares of company stock worth $119,185,625. Insiders own 5.04% of the company’s stock.

Analysts Set New Price Targets

RLAY has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Friday, October 2nd. Citizens Jmp upped their price objective on shares of Relay Therapeutics from $21.00 to $26.00 and gave the stock a “market outperform” rating in a report on Monday, August 10th. JPMorgan Chase & Co. lifted their target price on shares of Relay Therapeutics from $28.00 to $31.00 and gave the company an “overweight” rating in a report on Friday, August 14th. JonesTrading boosted their price target on Relay Therapeutics from $20.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, November 6th. Finally, The Goldman Sachs Group upped their price target on Relay Therapeutics from $22.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $19.96 on Wednesday. The stock has a market capitalization of $4.41 billion, a PE ratio of -13.22 and a beta of 1.74. The business’s fifty day moving average is $18.38 and its 200 day moving average is $15.32. Relay Therapeutics, Inc. has a one year low of $5.95 and a one year high of $21.27.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 4th. The company reported ($0.37) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.03. As a group, sell-side analysts expect that Relay Therapeutics, Inc. will post -1.60 EPS for the current fiscal year.

About Relay Therapeutics

Relay Therapeutics, Inc. is a clinical-stage biotechnology company focused on discovering and developing medicines for patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them. Relay’s research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3Kα.