Geode Capital Management LLC Has $19.35 Million Stock Position in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Geode Capital Management LLC lifted its position in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 15.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,732,270 shares of the company’s stock after acquiring an additional 367,473 shares during the quarter. Geode Capital Management LLC’s holdings in Relay Therapeutics were worth $19,348,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in RLAY. Bellevue Group AG raised its holdings in Relay Therapeutics by 15.7% during the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock worth $52,230,000 after purchasing an additional 1,000,069 shares during the last quarter. State Street Corp grew its position in shares of Relay Therapeutics by 1.2% during the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after buying an additional 51,810 shares during the period. Braidwell LP raised its stake in shares of Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after buying an additional 492,628 shares during the last quarter. Eventide Asset Management LLC bought a new position in Relay Therapeutics in the third quarter valued at approximately $18,989,000. Finally, Walleye Capital LLC boosted its stake in Relay Therapeutics by 6,659.2% in the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after acquiring an additional 1,793,057 shares during the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Stock Down 2.0 %

NASDAQ:RLAY opened at $4.36 on Friday. Relay Therapeutics, Inc. has a 12-month low of $4.11 and a 12-month high of $12.14. The firm has a market capitalization of $729.79 million, a price-to-earnings ratio of -1.67 and a beta of 1.59. The stock’s 50 day moving average price is $5.14 and its two-hundred day moving average price is $6.51.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same period in the prior year, the business posted ($0.54) EPS. The firm’s revenue for the quarter was down 100.0% on a year-over-year basis. Equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the sale, the chief executive officer now directly owns 574,548 shares in the company, valued at approximately $2,872,740. This trade represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,423 shares of company stock worth $551,043. Company insiders own 4.32% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RLAY shares. The Goldman Sachs Group began coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price target on the stock. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Finally, Leerink Partners decreased their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics 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.