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Short Interest in Relay Therapeutics, Inc. (NASDAQ:RLAY) Decreases By 25.0%

Financial News Live · Oct 1, 2022 20:31

Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Rating) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 11,710,000 shares, a drop of 25.0% from the August 31st total of 15,620,000 shares. Currently, 15.9% of the company's stock are short sold. Based on an average daily trading volume, of 1,270,000 shares, the short-interest ratio is currently 9.2 days.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus assumed coverage on Relay Therapeutics in a research report on Thursday, September 1st. They set a "buy" rating and a $40.00 price objective on the stock. Jefferies Financial Group assumed coverage on Relay Therapeutics in a report on Monday, June 6th. They issued an "underperform" rating and a $13.00 price target for the company. JMP Securities raised their price target on Relay Therapeutics from $35.00 to $38.00 and gave the stock a "market outperform" rating in a report on Wednesday, September 14th. HC Wainwright raised their price target on Relay Therapeutics from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Monday, September 12th. Finally, Barclays assumed coverage on Relay Therapeutics in a report on Friday. They issued an "equal weight" rating and a $23.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $38.56.

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Insider Activity

In related news, insider Donald A. Bergstrom sold 8,000 shares of the firm's stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $160,000.00. Following the sale, the insider now owns 91,494 shares of the company's stock, valued at $1,829,880. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Donald A. Bergstrom sold 15,000 shares of the firm's stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $25.00, for a total transaction of $375,000.00. Following the sale, the insider now owns 89,659 shares of the company's stock, valued at $2,241,475. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Donald A. Bergstrom sold 8,000 shares of the firm's stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $20.00, for a total value of $160,000.00. Following the sale, the insider now directly owns 91,494 shares in the company, valued at approximately $1,829,880. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 98,180 shares of company stock worth $2,602,011. Company insiders own 4.43% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Relay Therapeutics by 0.3% in the first quarter. Vanguard Group Inc. now owns 6,217,623 shares of the company's stock valued at $186,093,000 after acquiring an additional 19,181 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Relay Therapeutics by 6.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,300,307 shares of the company's stock valued at $88,780,000 after acquiring an additional 300,589 shares during the period. JPMorgan Chase & Co. lifted its holdings in Relay Therapeutics by 50.9% in the second quarter. JPMorgan Chase & Co. now owns 4,942,262 shares of the company's stock valued at $82,784,000 after acquiring an additional 1,667,873 shares during the period. State Street Corp lifted its holdings in Relay Therapeutics by 46.9% in the second quarter. State Street Corp now owns 4,778,419 shares of the company's stock valued at $80,039,000 after acquiring an additional 1,524,727 shares during the period. Finally, Casdin Capital LLC lifted its holdings in Relay Therapeutics by 5.5% in the second quarter. Casdin Capital LLC now owns 4,068,574 shares of the company's stock valued at $68,149,000 after acquiring an additional 211,321 shares during the period.

Relay Therapeutics Stock Down 3.3 %

Shares of Relay Therapeutics stock traded down $0.77 on Friday, reaching $22.37. 847,158 shares of the stock were exchanged, compared to its average volume of 1,789,944. Relay Therapeutics has a twelve month low of $12.65 and a twelve month high of $37.67. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -8.74 and a beta of 1.24. The business has a 50 day moving average price of $22.47 and a two-hundred day moving average price of $22.28.

Relay Therapeutics (NASDAQ:RLAY – Get Rating) last released its earnings results on Thursday, August 4th. The company reported ($0.71) EPS for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.09). Relay Therapeutics had a negative return on equity of 21.38% and a negative net margin of 13,243.58%. The firm had revenue of $0.37 million for the quarter. Research analysts forecast that Relay Therapeutics will post -2.78 EPS for the current year.

About Relay Therapeutics

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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 RLY-1971, an oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 that is in Phase 1 trial in patients with advanced solid tumors.