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

Relay Therapeutics, Inc. (NASDAQ:RLAY) was the target of unusually large options trading activity on Tuesday. Traders purchased 20,044 put options on the company. This is an increase of approximately 6,366% compared to the typical volume of 310 put options.

Relay Therapeutics Trading Down 0.9 %

Shares of NASDAQ RLAY opened at $6.49 on Thursday. The firm has a market capitalization of $861.50 million, a PE ratio of -2.46 and a beta of 1.64. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14. The business has a 50-day moving average price of $7.31 and a two-hundred day moving average price of $7.19.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same period last year, the company posted ($0.81) earnings per share. Research analysts anticipate that Relay Therapeutics will post -2.84 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on RLAY. Bank of America increased their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Barclays boosted their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group started coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Oppenheimer cut Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $21.11.

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the sale, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Thomas Catinazzo sold 10,780 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the transaction, the chief financial officer now directly owns 319,650 shares in the company, valued at $2,736,204. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Peter Rahmer sold 13,708 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares in the company, valued at $3,209,898.51. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,717 shares of company stock valued at $652,955. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors have recently made changes to their positions in RLAY. Vanguard Group Inc. boosted 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 valued at $98,070,000 after purchasing an additional 1,165,282 shares during the period. Bellevue Group AG raised its holdings in Relay Therapeutics by 21.5% in the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after acquiring an additional 1,051,082 shares in the last quarter. BVF Inc. IL lifted its position in shares of Relay Therapeutics by 67.8% in the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after acquiring an additional 1,604,240 shares during the period. Logos Global Management LP acquired a new position in shares of Relay Therapeutics in the second quarter valued at $8,476,000. Finally, Millennium Management LLC raised its stake in shares of Relay Therapeutics by 404.2% in the 2nd quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock valued at $7,493,000 after buying an additional 921,271 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

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.