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

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RLAY shares. Leerink Partners lowered their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. HC Wainwright restated a “buy” rating and set a $16.00 price target 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 report on Thursday, December 12th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Relay Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock Up 3.2 %

Relay Therapeutics stock traded up $0.14 during mid-day trading on Friday, hitting $4.46. 3,391,665 shares of the stock were exchanged, compared to its average volume of 3,493,742. The firm’s fifty day simple moving average is $4.67 and its two-hundred day simple moving average is $6.26. Relay Therapeutics has a 12 month low of $3.50 and a 12 month high of $11.16. The stock has a market capitalization of $746.53 million, a price-to-earnings ratio of -1.71 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. During the same quarter last year, the business posted ($0.54) earnings per share. Relay Therapeutics’s revenue was down 100.0% compared to the same quarter last year. As a group, analysts forecast that Relay Therapeutics will post -2.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other news, insider Peter Rahmer sold 32,156 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the transaction, the insider now owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. This represents a 8.25 % 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. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief executive officer now owns 574,548 shares in the company, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 162,319 shares of company stock worth $781,067 over the last three months. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in RLAY. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics in the second quarter valued at approximately $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Relay Therapeutics in the third quarter valued at $63,000. Portland Investment Counsel Inc. acquired a new position in shares of Relay Therapeutics during the third quarter valued at about $71,000. Values First Advisors Inc. bought a new position in shares of Relay Therapeutics during the 3rd quarter worth about $75,000. Finally, Point72 DIFC Ltd bought a new stake in Relay Therapeutics in the 3rd quarter valued at about $134,000. Institutional investors own 96.98% of the company’s stock.

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.