Eventide Asset Management LLC Buys New Shares in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Eventide Asset Management LLC purchased a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,682,083 shares of the company’s stock, valued at approximately $18,989,000. Eventide Asset Management LLC owned about 2.00% of Relay Therapeutics as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RLAY. EverSource Wealth Advisors LLC purchased a new position in Relay Therapeutics during the 2nd quarter valued at about $37,000. Virtu Financial LLC bought a new stake in Relay Therapeutics during the first quarter valued at approximately $87,000. Values First Advisors Inc. bought a new stake in Relay Therapeutics during the third quarter valued at approximately $75,000. China Universal Asset Management Co. Ltd. lifted its holdings in Relay Therapeutics by 65.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company’s stock valued at $182,000 after purchasing an additional 10,157 shares in the last quarter. Finally, Valence8 US LP purchased a new position in Relay Therapeutics during the third quarter valued at approximately $185,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. The Goldman Sachs Group began coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. decreased their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Finally, HC Wainwright boosted their price target on shares of Relay Therapeutics from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.22.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics 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 owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Relay Therapeutics Trading Up 0.8 %

NASDAQ:RLAY opened at $4.80 on Friday. The firm has a market capitalization of $803.42 million, a price-to-earnings ratio of -1.84 and a beta of 1.67. Relay Therapeutics, Inc. has a 1-year low of $4.48 and a 1-year high of $12.14. The business’s fifty day moving average price is $6.12 and its 200 day moving average price is $6.87.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.14. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same period last year, the business earned ($0.54) earnings per share. Equities analysts forecast that Relay Therapeutics, Inc. will post -2.61 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.