Portland Investment Counsel Inc. Invests $71,000 in Relay Therapeutics, Inc. (NASDAQ:RLAY)

Portland Investment Counsel Inc. acquired a new position in Relay Therapeutics, Inc. (NASDAQ:RLAY) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,000 shares of the company’s stock, valued at approximately $71,000.

Several other hedge funds have also recently bought and sold shares of RLAY. First Turn Management LLC acquired a new stake in shares of Relay Therapeutics in the third quarter valued at approximately $8,683,000. Logos Global Management LP acquired a new stake in Relay Therapeutics in the 2nd quarter valued at approximately $8,476,000. Los Angeles Capital Management LLC raised its stake in Relay Therapeutics by 661.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock valued at $692,000 after acquiring an additional 92,230 shares in the last quarter. Ally Bridge Group NY LLC acquired a new position in Relay Therapeutics during the 3rd quarter worth $4,432,000. Finally, Renaissance Technologies LLC grew its stake in shares of Relay Therapeutics by 19.1% in the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock worth $5,927,000 after purchasing an additional 145,837 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.32% of the company’s stock.

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY opened at $4.70 on Friday. The company has a market capitalization of $786.69 million, a PE ratio of -1.80 and a beta of 1.67. The stock has a fifty day moving average of $6.06 and a 200-day moving average of $6.85. Relay Therapeutics, Inc. has a one year low of $4.48 and a one year high of $12.14.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on RLAY. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Tuesday, September 17th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. Barclays raised their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. decreased their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Finally, HC Wainwright lifted their price target on Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.22.

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.