Relay Therapeutics, Inc. (NASDAQ:RLAY) Sees Significant Decline in Short Interest

Relay Therapeutics, Inc. (NASDAQ:RLAY) saw a significant decrease in short interest in May. As of May 31st, there was short interest totalling 9,600,000 shares, a decrease of 19.3% from the May 15th total of 11,890,000 shares. Based on an average trading volume of 1,310,000 shares, the short-interest ratio is presently 7.3 days.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 20,450 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the transaction, the insider now directly owns 432,425 shares of the company’s stock, valued at $3,052,920.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 44,467 shares of company stock valued at $300,862 over the last 90 days. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Relay Therapeutics by 10.9% in the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after buying an additional 1,165,282 shares in the last quarter. Bellevue Group AG increased its holdings in shares of Relay Therapeutics by 21.5% during the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after purchasing an additional 1,051,082 shares during the period. BVF Inc. IL raised its stake in shares of Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares in the last quarter. Norges Bank bought a new stake in shares of Relay Therapeutics during the fourth quarter valued at about $33,789,000. Finally, Finepoint Capital LP lifted its holdings in Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Price Performance

Shares of NASDAQ RLAY traded down $0.52 during trading on Friday, reaching $7.31. The stock had a trading volume of 1,601,097 shares, compared to its average volume of 1,327,879. Relay Therapeutics has a one year low of $5.70 and a one year high of $13.32. The firm’s 50 day moving average price is $6.80 and its two-hundred day moving average price is $8.68.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The firm had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. During the same quarter in the previous year, the firm earned ($0.78) earnings per share. The firm’s revenue for the quarter was up 4327.9% compared to the same quarter last year. As a group, equities research analysts expect that Relay Therapeutics will post -2.81 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Leerink Partnrs reissued an “outperform” rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd. Oppenheimer restated an “outperform” rating and set a $25.00 price objective (down previously from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. Barclays upgraded Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective on the stock in a report on Friday, May 10th. JMP Securities reiterated a “market outperform” rating and set a $24.00 target price on shares of Relay Therapeutics in a research note on Monday, May 6th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Relay Therapeutics in a research note on Friday, June 7th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average 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.