Raymond James Financial Inc. Invests $779,000 in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Raymond James Financial Inc. purchased a new stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) in the fourth quarter, HoldingsChannel reports. The firm purchased 189,046 shares of the company’s stock, valued at approximately $779,000.

Several other institutional investors have also recently bought and sold shares of RLAY. Arizona State Retirement System boosted its position in Relay Therapeutics by 30.0% in the 4th quarter. Arizona State Retirement System now owns 32,737 shares of the company’s stock valued at $135,000 after buying an additional 7,547 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after acquiring an additional 4,000 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in Relay Therapeutics by 65.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 52,770 shares of the company’s stock valued at $217,000 after acquiring an additional 20,880 shares during the last quarter. Bank of New York Mellon Corp increased its position in Relay Therapeutics by 18.0% in the fourth quarter. Bank of New York Mellon Corp now owns 328,897 shares of the company’s stock worth $1,355,000 after purchasing an additional 50,190 shares during the period. Finally, Congress Asset Management Co. raised its holdings in Relay Therapeutics by 7.6% during the 4th quarter. Congress Asset Management Co. now owns 157,485 shares of the company’s stock worth $649,000 after purchasing an additional 11,061 shares during the last quarter. Institutional investors own 96.98% of the company’s stock.

Insider Activity at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 125,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $4.80, for a total value of $600,000.00. Following the sale, the chief executive officer now directly owns 324,548 shares of the company’s stock, valued at approximately $1,557,830.40. The trade was a 27.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 17,250 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $4.42, for a total transaction of $76,245.00. Following the completion of the transaction, the insider now directly owns 402,431 shares of the company’s stock, valued at approximately $1,778,745.02. The trade was a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 437,994 shares of company stock worth $1,849,557. 4.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RLAY has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. Stifel Nicolaus reduced their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group lowered their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Relay Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Stock Down 12.7 %

Shares of RLAY stock opened at $2.00 on Friday. Relay Therapeutics, Inc. has a 12-month low of $1.99 and a 12-month high of $10.72. The firm has a fifty day moving average of $3.60 and a 200-day moving average of $4.79. The firm has a market capitalization of $339.04 million, a price-to-earnings ratio of -0.77 and a beta of 1.70.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. Research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

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.