Investors Purchase Large Volume of Relay Therapeutics Put Options (NASDAQ:RLAY)

Relay Therapeutics, Inc. (NASDAQ:RLAY) saw some unusual options trading on Tuesday. Investors acquired 20,044 put options on the stock. This represents an increase of approximately 6,366% compared to the typical volume of 310 put options.

Insider Activity

In other news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the sale, the chief executive officer now owns 766,130 shares in the company, valued at approximately $6,948,799.10. The sale 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 the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value of $92,276.80. Following the completion of the sale, the chief financial officer now owns 319,650 shares in the company, valued at approximately $2,736,204. The disclosure for this sale can be found here. Insiders sold 74,717 shares of company stock worth $652,955 in the last quarter. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics during the 2nd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in Relay Therapeutics in the first quarter valued at $79,000. Virtu Financial LLC bought a new position in Relay Therapeutics during the 1st quarter worth $87,000. Los Angeles Capital Management LLC lifted its holdings in Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after buying an additional 2,850 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $127,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Price Performance

Shares of RLAY opened at $6.55 on Wednesday. The firm has a 50 day simple moving average of $7.36 and a two-hundred day simple moving average of $7.19. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14. The company has a market cap of $876.98 million, a P/E ratio of -2.48 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the business posted ($0.81) earnings per share. On average, analysts expect that Relay Therapeutics will post -2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RLAY shares. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Tuesday, September 17th. Barclays increased their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Bank of America boosted their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $10.60 to $16.00 in a research note on Tuesday, September 10th. Finally, Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

About Relay Therapeutics

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.