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

Persistent Asset Partners Ltd trimmed its holdings in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 89.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 10,280 shares of the company’s stock after selling 90,507 shares during the quarter. Persistent Asset Partners Ltd’s holdings in Relay Therapeutics were worth $36,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Murchinson Ltd. purchased a new position in shares of Relay Therapeutics in the 1st quarter valued at $26,000. DRW Securities LLC purchased a new stake in Relay Therapeutics during the 1st quarter worth $28,000. FNY Investment Advisers LLC increased its holdings in Relay Therapeutics by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $34,000 after purchasing an additional 5,000 shares in the last quarter. Quinn Opportunity Partners LLC purchased a new position in Relay Therapeutics in the second quarter valued at about $35,000. Finally, May Hill Capital LLC purchased a new position in Relay Therapeutics in the second quarter valued at about $38,000. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLAY has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. Wells Fargo & Company upped their price target on Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a report on Friday, November 7th. Raymond James Financial lowered their price objective on shares of 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. HC Wainwright dropped their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, August 26th. Finally, Guggenheim started coverage on shares of Relay Therapeutics in a research note on Thursday, September 4th. They issued a “buy” rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $16.75.

Relay Therapeutics Trading Down 2.5%

Relay Therapeutics stock opened at $6.29 on Friday. Relay Therapeutics, Inc. has a 52 week low of $1.77 and a 52 week high of $7.64. The stock has a market cap of $1.09 billion, a P/E ratio of -3.59 and a beta of 1.76. The stock has a 50 day moving average of $5.79 and a 200-day moving average of $4.22.

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

Insider Activity at Relay Therapeutics

In other news, insider Donald A. Bergstrom sold 30,897 shares of the company’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total value of $225,239.13. Following the sale, the insider owned 521,823 shares in the company, valued at approximately $3,804,089.67. This represents a 5.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 21,664 shares of the stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total transaction of $157,930.56. Following the transaction, the chief financial officer directly owned 313,631 shares in the company, valued at $2,286,369.99. The trade was a 6.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 155,163 shares of company stock worth $1,117,630 over the last quarter. Company insiders own 4.87% of the company’s stock.

About Relay Therapeutics

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.