Manulife takes new $4.93M stake in Relay Therapeutics as institutions pile in
What's the deal? The Manufacturers Life Insurance CompanyDealroom has a profile for this one. Try Dealroom → opened a new position in Relay Therapeutics (NASDAQ: RLAY), buying 263,506 shares worth about $4,930,000 in the second quarter, according to its latest 13F filing with the Securities and Exchange Commission.
Why now? The move lands amid heavy institutional buying. BlackRock took a new stake worth $286,042,000 in the second quarter, and Commodore CapitalDealroom has a profile for this one. Try Dealroom → opened a position worth about $46,191,000 over the same period.
Institutional investors now own 96.98% of Relay's stock. Casdin Capital holds 13,003,574 shares valued at $110,010,000, while Perceptive Advisors lifted its stake 412.3% in the first quarter to 9,751,141 shares worth $97,024,000.
What's the endgame? Relay Therapeutics is a clinical-stage drug developer. The stock carries a market capitalisation of $4.03 billion and a price-to-earnings ratio of -11.71, reflecting a company still investing ahead of revenue.
What could go wrong? The latest earnings missed on both lines. Relay reported a loss of $0.41 per share for the quarter ended August 6, worse than the $0.39 consensus, on revenue of $0.35 million against a $0.96 million estimate.
Insiders have also been selling. Over the past 90 days they offloaded 6,414,147 shares worth $123,723,695, including sales by Donald A. Bergstrom and Peter Rahmer in June. Insiders own 5.04% of the company.
The signal: Shares opened at $18.38 on Tuesday, near a one-year high of $21.27 and well above the $3.52 low. Analysts remain split — Canaccord GenuityDealroom has a profile for this one. Try Dealroom → started coverage with a "buy" rating and a $29.00 target, while ZacksDealroom has a profile for this one. Try Dealroom → lifted Relay from "strong sell" to "hold," leaving the stock caught between strong institutional demand and unproven fundamentals.
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