Summit Investment Advisors Inc. Boosts Holdings in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Summit Investment Advisors Inc. raised its position in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 41.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,730 shares of the company’s stock after acquiring an additional 3,760 shares during the period. Summit Investment Advisors Inc.’s holdings in Relay Therapeutics were worth $52,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after purchasing an additional 367,473 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after acquiring an additional 1,554,115 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Relay Therapeutics by 3,883.8% in the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after acquiring an additional 1,361,779 shares in the last quarter. Barclays PLC grew its stake in shares of Relay Therapeutics by 118.4% during the third quarter. Barclays PLC now owns 251,819 shares of the company’s stock worth $1,783,000 after acquiring an additional 136,541 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Relay Therapeutics during the fourth quarter valued at about $779,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 17,250 shares of Relay Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $4.42, for a total value of $76,245.00. Following the completion of the transaction, the insider now owns 402,431 shares in the company, valued at $1,778,745.02. The trade was a 4.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 36,036 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total value of $166,846.68. Following the transaction, the chief financial officer now owns 263,190 shares in the company, valued at $1,218,569.70. This represents a 12.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 296,418 shares of company stock worth $1,175,793 in the last three months. Company insiders own 4.32% of the company’s stock.

Wall Street Analyst Weigh In

RLAY has been the topic of several research analyst reports. The Goldman Sachs Group dropped their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus cut their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. Finally, Wells Fargo & Company started coverage on Relay Therapeutics in a research note on Thursday, April 17th. They set an “equal weight” rating and a $4.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.36.

Relay Therapeutics Stock Up 6.0 %

Shares of RLAY stock opened at $3.11 on Thursday. Relay Therapeutics, Inc. has a 52-week low of $1.78 and a 52-week high of $10.72. The stock has a market cap of $526.37 million, a PE ratio of -1.19 and a beta of 1.70. The business has a 50-day simple moving average of $3.05 and a 200-day simple moving average of $4.35.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly 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. Sell-side analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

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.