Relay Therapeutics, Inc. (NASDAQ:RLAY) Short Interest Update

Relay Therapeutics, Inc. (NASDAQ:RLAY) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 12,370,000 shares, a growth of 24.7% from the September 15th total of 9,920,000 shares. Based on an average daily trading volume, of 1,910,000 shares, the days-to-cover ratio is currently 6.5 days.

Relay Therapeutics Price Performance

Shares of RLAY traded down $0.01 during midday trading on Tuesday, hitting $6.74. The stock had a trading volume of 1,356,613 shares, compared to its average volume of 1,467,115. The firm has a market cap of $902.42 million, a price-to-earnings ratio of -2.67 and a beta of 1.64. The company has a 50 day simple moving average of $7.04 and a two-hundred day simple moving average of $7.11. Relay Therapeutics has a twelve month low of $5.70 and a twelve month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same period last year, the business posted ($0.81) earnings per share. Analysts forecast that Relay Therapeutics will post -2.84 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other news, insider Peter Rahmer sold 13,523 shares of Relay Therapeutics stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $8.54, for a total transaction of $115,486.42. Following the sale, the insider now directly owns 420,765 shares in the company, valued at approximately $3,593,333.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Peter Rahmer sold 13,523 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.54, for a total value of $115,486.42. Following the sale, the insider now owns 420,765 shares of the company’s stock, valued at $3,593,333.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,717 shares of company stock valued at $652,955 in the last 90 days. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics during the 2nd quarter worth about $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Relay Therapeutics in the first quarter valued at about $79,000. Virtu Financial LLC bought a new stake in Relay Therapeutics during the first quarter worth about $87,000. Los Angeles Capital Management LLC boosted its position in Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Relay Therapeutics during the first quarter valued at approximately $127,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Wall Street Analyst Weigh In

RLAY has been the subject of several recent analyst reports. The Goldman Sachs Group began coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective for the company. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a research report on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.11.

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.