Relay Therapeutics, Inc. (NASDAQ:RLAY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) by 63.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 457,294 shares of the company’s stock after selling 794,029 shares during the quarter. Bank of America Corp DE owned about 0.27% of Relay Therapeutics worth $1,884,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SG Americas Securities LLC increased its stake in Relay Therapeutics by 40.8% in the fourth quarter. SG Americas Securities LLC now owns 77,557 shares of the company’s stock valued at $320,000 after purchasing an additional 22,473 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Relay Therapeutics by 37.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 35,491 shares of the company’s stock valued at $146,000 after purchasing an additional 9,740 shares during the period. Savant Capital LLC acquired a new position in Relay Therapeutics in the fourth quarter valued at $120,000. Rhumbline Advisers increased its stake in Relay Therapeutics by 8.6% in the fourth quarter. Rhumbline Advisers now owns 171,444 shares of the company’s stock valued at $706,000 after purchasing an additional 13,532 shares during the period. Finally, Congress Asset Management Co. increased its stake in Relay Therapeutics by 7.6% in the fourth quarter. Congress Asset Management Co. now owns 157,485 shares of the company’s stock valued at $649,000 after purchasing an additional 11,061 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Stock Up 3.5%

Shares of Relay Therapeutics stock opened at $3.29 on Wednesday. Relay Therapeutics, Inc. has a 52-week low of $1.78 and a 52-week high of $10.72. The company’s 50-day simple moving average is $2.80 and its 200-day simple moving average is $3.70. The firm has a market cap of $564.05 million, a price-to-earnings ratio of -1.26 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Monday, May 5th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. During the same quarter in the previous year, the company posted ($0.62) earnings per share. The company’s quarterly revenue was down 23.0% compared to the same quarter last year. Equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 12,943 shares of the company’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $38,829.00. Following the transaction, the chief financial officer now directly owns 355,376 shares in the company, valued at approximately $1,066,128. This represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjiv Patel sold 61,422 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total transaction of $182,423.34. Following the transaction, the chief executive officer now owns 821,667 shares in the company, valued at $2,440,350.99. The trade was a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,320 shares of company stock worth $280,981. 4.87% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RLAY has been the topic of a number of recent research reports. Guggenheim dropped their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. The Goldman Sachs Group dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research note on Friday, March 7th. Wells Fargo & Company started coverage on shares of Relay Therapeutics in a research note on Thursday, April 17th. They issued an “equal weight” rating and a $4.00 price objective on the stock. Finally, Stifel Nicolaus dropped their price target 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. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.67.

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.