Relay Therapeutics, Inc. (NASDAQ:RLAY) Short Interest Up 23.8% in December

Relay Therapeutics, Inc. (NASDAQ:RLAY) was the recipient of a large increase in short interest in the month of 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 presently 7.2 days.

Relay Therapeutics Trading Up 3.2 %

Relay Therapeutics stock traded up $0.14 during midday trading on Friday, hitting $4.46. The stock had a trading volume of 3,391,665 shares, compared to its average volume of 1,649,613. Relay Therapeutics has a 52-week low of $3.50 and a 52-week high of $11.16. The company has a market capitalization of $746.51 million, a PE ratio of -1.71 and a beta of 1.60. The firm’s fifty day moving average is $4.64 and its two-hundred day moving average is $6.25.

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

Analyst Ratings Changes

Several research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a report on Tuesday. JMP Securities restated a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Leerink Partners dropped their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Relay Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the sale, the insider now directly owns 308,754 shares in the company, valued at $1,373,955.30. This trade represents a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 162,319 shares of company stock valued at $781,067. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RLAY. Eventide Asset Management LLC bought a new position in Relay Therapeutics during the third quarter valued at approximately $18,989,000. Walleye Capital LLC grew its holdings in shares of Relay Therapeutics by 6,659.2% in the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after purchasing an additional 1,793,057 shares in the last quarter. JPMorgan Chase & Co. increased its position in Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares during the last quarter. Franklin Resources Inc. raised its stake in Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after purchasing an additional 1,361,779 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Relay Therapeutics in the 3rd quarter worth about $9,554,000. Institutional investors own 96.98% of the company’s stock.

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.