Pallas Capital Advisors LLC Makes New Investment in Relay Therapeutics, Inc. $RLAY

Pallas Capital Advisors LLC acquired a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,758 shares of the company’s stock, valued at approximately $86,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Woodline Partners LP increased its stake in shares of Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock worth $3,979,000 after purchasing an additional 1,241,657 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Relay Therapeutics by 2,256.1% in the first quarter. Acadian Asset Management LLC now owns 682,028 shares of the company’s stock worth $1,785,000 after purchasing an additional 653,081 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Relay Therapeutics by 137.5% during the fourth quarter. Nuveen Asset Management LLC now owns 653,428 shares of the company’s stock valued at $2,692,000 after acquiring an additional 378,322 shares in the last quarter. Millennium Management LLC grew its stake in Relay Therapeutics by 14.6% during the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company’s stock valued at $7,710,000 after acquiring an additional 374,491 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Relay Therapeutics during the first quarter valued at approximately $839,000. Institutional investors own 96.98% of the company’s stock.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several recent analyst reports. HC Wainwright reduced their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, August 26th. Guggenheim initiated coverage on shares of Relay Therapeutics in a research note on Thursday, September 4th. They set a “buy” rating and a $15.00 price objective for the company. Finally, Raymond James Financial reduced their price objective on shares of Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Relay Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $16.50.

Relay Therapeutics Price Performance

RLAY stock opened at $4.54 on Tuesday. Relay Therapeutics, Inc. has a one year low of $1.77 and a one year high of $7.62. The stock has a market cap of $782.74 million, a PE ratio of -2.33 and a beta of 1.60. The firm has a 50 day simple moving average of $3.72 and a two-hundred day simple moving average of $3.29.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.08. The company had revenue of $0.70 million during the quarter, compared to analysts’ expectations of $0.07 million. On average, research analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, insider Peter Rahmer sold 15,724 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $57,864.32. Following the completion of the sale, the insider directly owned 377,998 shares in the company, valued at approximately $1,391,032.64. The trade was a 3.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald A. Bergstrom sold 26,701 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $98,259.68. Following the completion of the sale, the insider owned 552,720 shares of the company’s stock, valued at approximately $2,034,009.60. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 149,226 shares of company stock worth $542,926. Corporate insiders own 4.32% of the company’s stock.

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.