Investors Purchase High Volume of Call Options on Relay Therapeutics (NASDAQ:RLAY)

Relay Therapeutics, Inc. (NASDAQ:RLAY) was the target of unusually large options trading activity on Monday. Stock investors acquired 1,971 call options on the company. This is an increase of 4,954% compared to the typical volume of 39 call options.

Relay Therapeutics Price Performance

Shares of RLAY opened at $9.00 on Wednesday. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $12.14. The stock’s 50-day moving average is $7.46 and its two-hundred day moving average is $7.43. The stock has a market cap of $1.19 billion, a PE ratio of -3.41 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period in the previous year, the company earned ($0.81) EPS. On average, research analysts anticipate that Relay Therapeutics will post -2.91 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the sale, the chief executive officer now owns 766,130 shares in the company, valued at approximately $6,948,799.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 13,708 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the transaction, the insider now directly owns 391,929 shares in the company, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock valued at $715,499 in the last ninety days. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RLAY. EverSource Wealth Advisors LLC purchased a new stake in Relay Therapeutics during the 2nd quarter worth $37,000. Allspring Global Investments Holdings LLC acquired a new stake in Relay Therapeutics in the first quarter worth approximately $79,000. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics in the first quarter valued at $87,000. Los Angeles Capital Management LLC boosted its position in shares of Relay Therapeutics by 25.7% during the 1st 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 in the last quarter. Finally, Victory Capital Management Inc. bought a new stake in Relay Therapeutics during the fourth quarter worth approximately $126,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on RLAY. HC Wainwright dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Bank of America upped their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, JMP Securities reduced their target price on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.22.

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.