Short Interest in Relay Therapeutics, Inc. (NASDAQ:RLAY) Increases By 23.8%

Relay Therapeutics, Inc. (NASDAQ:RLAY) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 14,950,000 shares, a growth of 23.8% from the December 15th total of 12,080,000 shares. Based on an average daily trading volume, of 2,080,000 shares, the days-to-cover ratio is presently 7.2 days.

Insider Transactions at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the sale, the chief executive officer now owns 574,548 shares in the company, valued at approximately $2,872,740. This represents a 14.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,319 shares of company stock valued at $781,067. 4.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC bought a new position in Relay Therapeutics in the 2nd quarter worth approximately $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Relay Therapeutics in the third quarter worth $63,000. Portland Investment Counsel Inc. acquired a new position in shares of Relay Therapeutics during the third quarter valued at $71,000. Values First Advisors Inc. acquired a new position in shares of Relay Therapeutics during the third quarter valued at $75,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Relay Therapeutics during the third quarter valued at about $134,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RLAY. Leerink Partners reduced their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Tuesday. Finally, JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Up 3.2 %

RLAY stock traded up $0.14 during mid-day trading on Friday, reaching $4.46. The company had a trading volume of 3,391,665 shares, compared to its average volume of 3,493,742. Relay Therapeutics has a one year low of $3.50 and a one year high of $11.16. The stock has a market capitalization of $746.53 million, a P/E ratio of -1.71 and a beta of 1.60. The stock’s 50-day simple moving average is $4.67 and its two-hundred day simple moving average is $6.26.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. During the same quarter in the prior year, the company earned ($0.54) earnings per share. The company’s revenue for the quarter was down 100.0% compared to the same quarter last year. On average, research analysts forecast that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Relay Therapeutics Company 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.