Relay Therapeutics Target of Unusually Large Options Trading (NASDAQ:RLAY)

Relay Therapeutics, Inc. (NASDAQ:RLAY) was the target of unusually large options trading on Tuesday. Stock traders bought 20,044 put options on the company. This represents an increase of 6,366% compared to the typical daily volume of 310 put options.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RLAY. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Barclays upped their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. HC Wainwright upped their target price on shares of Relay Therapeutics from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.11.

Relay Therapeutics Stock Performance

RLAY stock traded down $0.34 during mid-day trading on Tuesday, hitting $6.74. 728,068 shares of the company were exchanged, compared to its average volume of 1,443,400. Relay Therapeutics has a 1-year low of $5.70 and a 1-year high of $12.14. The firm’s 50 day simple moving average is $7.42 and its 200 day simple moving average is $7.20. The firm has a market cap of $902.42 million, a P/E ratio of -2.55 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data 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 quarter in the prior year, the firm earned ($0.81) earnings per share. On average, equities research analysts predict that Relay Therapeutics will post -2.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 10,780 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.56, for a total value of $92,276.80. Following the transaction, the chief financial officer now owns 319,650 shares of the company’s stock, valued at $2,736,204. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $8.56, for a total transaction of $92,276.80. Following the transaction, the chief financial officer now directly owns 319,650 shares in the company, valued at $2,736,204. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were 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 directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The disclosure for this sale can be found here. Insiders have sold a total of 74,717 shares of company stock worth $652,955 in the last three months. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of RLAY. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics during the 2nd quarter worth about $37,000. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics during the first quarter valued at approximately $79,000. Virtu Financial LLC acquired a new position in Relay Therapeutics during the first quarter valued at approximately $87,000. Los Angeles Capital Management LLC boosted its position in Relay Therapeutics by 25.7% during the first 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 during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Relay Therapeutics during the first quarter valued at approximately $127,000. Institutional investors and hedge funds 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.