Short Interest in Relay Therapeutics, Inc. (NASDAQ:RLAY) Drops By 18.3%

Relay Therapeutics, Inc. (NASDAQ:RLAY) saw a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 8,050,000 shares, a decline of 18.3% from the June 15th total of 9,850,000 shares. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is presently 6.1 days.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock traded up $0.21 during midday trading on Monday, hitting $8.45. 417,274 shares of the company were exchanged, compared to its average volume of 1,220,421. The firm has a 50 day simple moving average of $6.88 and a 200-day simple moving average of $8.25. Relay Therapeutics has a 52 week low of $5.70 and a 52 week high of $13.30. The firm has a market cap of $1.12 billion, a P/E ratio of -3.14 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.08. The business had revenue of $10.01 million for the quarter, compared to the consensus estimate of $0.12 million. The business’s revenue was up 4327.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.78) earnings per share. Equities research analysts expect that Relay Therapeutics will post -2.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the sale, the insider now directly owns 432,425 shares in the company, valued at approximately $3,052,920.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Peter Rahmer sold 20,450 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the sale, the insider now directly owns 432,425 shares of the company’s stock, valued at $3,052,920.50. The disclosure for this sale can be found here. Insiders have sold 53,375 shares of company stock worth $354,836 in the last three months. 4.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RLAY. Allspring Global Investments Holdings LLC bought 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 shares of Relay Therapeutics in the first quarter valued at about $87,000. Los Angeles Capital Management LLC increased its position in shares of Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after acquiring an additional 2,850 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at about $126,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Relay Therapeutics in the first quarter valued at about $127,000. 96.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on RLAY. JMP Securities reaffirmed a “market outperform” rating and issued a $24.00 target price on shares of Relay Therapeutics in a research report on Monday, May 6th. Barclays upgraded Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a research note on Friday, May 10th. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of Relay Therapeutics in a research note on Friday, June 7th. Finally, Oppenheimer restated an “outperform” rating and set a $25.00 target price (down previously from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $22.80.

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.