Federated Hermes Inc. Has $2.04 Million Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Federated Hermes Inc. cut its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 7.1% in the second quarter, HoldingsChannel reports. The fund owned 312,444 shares of the company’s stock after selling 24,046 shares during the period. Federated Hermes Inc.’s holdings in Relay Therapeutics were worth $2,037,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RLAY. American International Group Inc. raised its position in Relay Therapeutics by 4.0% in the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after purchasing an additional 1,810 shares during the last quarter. Congress Asset Management Co. MA increased its stake in shares of Relay Therapeutics by 1.4% in the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after buying an additional 2,108 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Relay Therapeutics by 14.9% during the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after acquiring an additional 3,394 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Relay Therapeutics by 7.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 54,917 shares of the company’s stock valued at $456,000 after acquiring an additional 3,684 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Stock Down 4.6 %

Shares of RLAY stock opened at $7.50 on Friday. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -2.84 and a beta of 1.64. Relay Therapeutics, Inc. has a 12-month low of $5.70 and a 12-month high of $12.14. The firm has a fifty day moving average of $7.59 and a 200-day moving average of $7.33.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same period in the prior year, the company earned ($0.81) earnings per share. Research analysts expect that Relay Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Barclays boosted their price target on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $10.60 to $16.00 in a research report on Tuesday, September 10th. Finally, Bank of America raised their price target on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.11.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the sale, the chief executive officer now directly owns 766,130 shares in the company, valued at approximately $6,948,799.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Peter Rahmer sold 13,523 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the completion of the transaction, the insider now directly owns 420,765 shares of the company’s stock, valued at approximately $3,593,333.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The disclosure for this sale can be found here. In the last three months, insiders sold 84,738 shares of company stock worth $715,499. 4.32% of the stock is owned by company insiders.

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.