Finepoint Capital LP Buys 549,500 Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY)

Finepoint Capital LP grew its stake in Relay Therapeutics, Inc. (NASDAQ:RLAY) by 33.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,175,646 shares of the company’s stock after purchasing an additional 549,500 shares during the period. Relay Therapeutics comprises about 0.5% of Finepoint Capital LP’s investment portfolio, making the stock its 16th biggest position. Finepoint Capital LP owned about 1.30% of Relay Therapeutics worth $8,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Relay Therapeutics by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company’s stock worth $61,924,000 after buying an additional 566,595 shares in the last quarter. Norges Bank bought a new stake in shares of Relay Therapeutics in the 4th quarter worth approximately $23,821,000. JPMorgan Chase & Co. grew its holdings in shares of Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares in the last quarter. State Street Corp increased its position in shares of Relay Therapeutics by 1.2% during the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after purchasing an additional 51,810 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Relay Therapeutics by 10.9% in the fourth quarter. Geode Capital Management LLC now owns 3,030,157 shares of the company’s stock valued at $12,487,000 after purchasing an additional 297,887 shares in the last quarter. Institutional investors own 96.98% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RLAY shares. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. HC Wainwright reissued a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. Stifel Nicolaus dropped their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group decreased their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $19.80.

Insiders Place Their Bets

In related news, CEO Sanjiv Patel sold 125,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total value of $600,000.00. Following the completion of the sale, the chief executive officer now directly owns 324,548 shares in the company, valued at $1,557,830.40. This represents a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $4.45, for a total transaction of $73,763.20. Following the sale, the insider now directly owns 308,754 shares in the company, valued at $1,373,955.30. This trade represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 437,994 shares of company stock worth $1,849,557 in the last 90 days. Company insiders own 4.32% of the company’s stock.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $2.00 on Friday. Relay Therapeutics, Inc. has a 52 week low of $1.99 and a 52 week high of $10.72. The stock’s 50 day moving average price is $3.60 and its two-hundred day moving average price is $4.79. The stock has a market capitalization of $339.04 million, a price-to-earnings ratio of -0.77 and a beta of 1.70.

Relay Therapeutics (NASDAQ:RLAY) last issued its 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. On average, equities research analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS 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.