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

Spruce Street Capital LP purchased a new position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,984,125 shares of the company’s stock, valued at approximately $25,246,000. Relay Therapeutics comprises about 8.3% of Spruce Street Capital LP’s investment portfolio, making the stock its 2nd largest position. Spruce Street Capital LP owned 1.72% of Relay Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Torren Management LLC acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at about $30,000. Smartleaf Asset Management LLC raised its position in Relay Therapeutics by 288.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,426 shares of the company’s stock valued at $37,000 after purchasing an additional 3,287 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Relay Therapeutics in the fourth quarter valued at about $46,000. Captrust Financial Advisors purchased a new stake in shares of Relay Therapeutics in the 2nd quarter valued at approximately $49,000. Finally, Cerity Partners LLC purchased a new stake in Relay Therapeutics in the second quarter valued at approximately $51,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 17,717 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $12.86, for a total transaction of $227,840.62. Following the completion of the transaction, the chief financial officer directly owned 195,178 shares of the company’s stock, valued at $2,509,989.08. This trade represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 40,449 shares of company stock valued at $532,889 in the last quarter. 5.04% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RLAY. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Wednesday, April 8th. UBS Group set a $26.00 price target on Relay Therapeutics in a report on Tuesday, May 19th. Oppenheimer boosted their price objective on shares of Relay Therapeutics from $14.00 to $18.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. The Goldman Sachs Group upped their target price on Relay Therapeutics from $13.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Finally, Wall Street Zen upgraded shares of Relay Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Relay Therapeutics has an average rating of “Buy” and an average price target of $23.30.

Relay Therapeutics Price Performance

RLAY opened at $14.96 on Tuesday. The business has a 50 day simple moving average of $14.06 and a 200-day simple moving average of $10.61. The stock has a market capitalization of $2.87 billion, a P/E ratio of -9.53 and a beta of 1.75. Relay Therapeutics, Inc. has a 12 month low of $2.98 and a 12 month high of $17.47.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.06). The company had revenue of $3.00 million during the quarter, compared to analyst estimates of $5.58 million. Research analysts anticipate that Relay Therapeutics, Inc. will post -1.6 EPS for the current year.

About Relay Therapeutics

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.