945,839 Shares in Relay Therapeutics, Inc. (NASDAQ:RLAY) Bought by Sio Capital Management LLC

Sio Capital Management LLC bought a new stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 945,839 shares of the company’s stock, valued at approximately $6,697,000. Relay Therapeutics accounts for about 2.7% of Sio Capital Management LLC’s portfolio, making the stock its 13th biggest holding.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Relay Therapeutics by 10.9% during the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after buying an additional 1,165,282 shares during the period. American International Group Inc. raised its holdings in shares of Relay Therapeutics by 4.0% during the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after acquiring an additional 1,810 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Relay Therapeutics in the 1st quarter valued at approximately $320,000. Virtu Financial LLC acquired a new position in Relay Therapeutics in the 1st quarter worth approximately $87,000. Finally, Bank of New York Mellon Corp raised its stake in Relay Therapeutics by 15.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock valued at $2,312,000 after purchasing an additional 48,219 shares during the period. 96.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RLAY. Barclays raised their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Finally, Bank of America upped their price objective on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.22.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $4.80 on Friday. Relay Therapeutics, Inc. has a 1-year low of $4.48 and a 1-year high of $12.14. The firm’s fifty day simple moving average is $6.12 and its 200-day simple moving average is $6.87.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.54) EPS. On average, research analysts predict that Relay Therapeutics, Inc. will post -2.61 earnings per share for the current fiscal year.

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.