Norges Bank Makes New Investment in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Norges Bank bought a new stake in shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) in the fourth quarter, Holdings Channel reports. The fund bought 5,781,878 shares of the company’s stock, valued at approximately $23,821,000.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Relay Therapeutics by 26.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after purchasing an additional 214,398 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Relay Therapeutics by 15.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after buying an additional 367,473 shares during the last quarter. JPMorgan Chase & Co. grew its stake 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 acquiring an additional 1,554,115 shares during the period. Franklin Resources Inc. increased its holdings in Relay Therapeutics by 3,883.8% in the 3rd 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 during the last quarter. Finally, Barclays PLC raised its stake in Relay Therapeutics by 118.4% in the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock valued at $1,783,000 after acquiring an additional 136,541 shares during the period. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Performance

Shares of RLAY stock opened at $2.00 on Monday. The company has a market capitalization of $339.04 million, a PE ratio of -0.77 and a beta of 1.70. Relay Therapeutics, Inc. has a 52-week low of $1.99 and a 52-week high of $10.72. The business’s fifty day moving average is $3.60 and its 200 day moving average is $4.78.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12. On average, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on RLAY shares. HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. The Goldman Sachs Group lowered their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Stifel Nicolaus cut their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th. One equities 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, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.80.

Insider Activity at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 125,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $4.80, for a total transaction of $600,000.00. Following the sale, the chief executive officer now owns 324,548 shares in the company, valued at approximately $1,557,830.40. This trade represents a 27.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 17,250 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $4.42, for a total transaction of $76,245.00. Following the completion of the transaction, the insider now owns 402,431 shares of the company’s stock, valued at $1,778,745.02. This trade represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 421,418 shares of company stock valued at $1,775,793 over the last three months. 4.32% of the stock is owned by corporate insiders.

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.