Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.88, read 2026-11-02
Ethical does not pass the values gate
Price18.60 USD
Fair value27.50
Ethical score70.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-29Read Accumulation18.18+2.3% to today ✓Markdown gives way to Accumulation after a 7% slide in 7 weeks
2026-09-11Read Markdown19.46-4.4% to today ✓Markup gives way to Markdown
2026-08-11Read Markup19.77-5.9% to today Accumulation gives way to Markup after a 33% rise in 6 weeks
2026-07-02Read Accumulation14.81+25.6% to today ✓First review on file: Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Relay Therapeutics, Inc. holds its Accumulation at $18.60. The statistical read favours the sellers, held for 55 days.
As held on the ledger · 2026-11-06
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 55 days
Price at the screen
$18.60
Valuation
N/A trailing · -11.05 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.74
The Workings
Five Screens, Shown in Full
Does not pass. Interest-bearing securities
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
5.22%
Below 33%
Interest-bearing debt is just 5.2% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
75.72%
Below 33%
Interest-bearing cash and securities are 75.7% of assets, above the one-third limit.
Fail
Receivables
13.52%
Below 49%
Money owed to the company is 13.5% of assets, under the 49% limit.
Pass
Revenue purity
100.00%
Below 5%
100.0% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Relay Therapeutics,'s business is fine, but its cash and interest-bearing securities are about 76% of its assets, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Today RLAY does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 38% discount to our $27.50 fair value.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 32.4% discount to the base estimate.
Where our models see it going: fair-value estimate $27.50, with a range of $20.00 to $32.00, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Precision drug bets still run on hope
Relay Therapeutics tries to speed up the hunt for new cancer and genetic disease drugs by mapping protein motion rather than guessing at static shapes. The idea sounds clever on a slide deck, yet the company remains a clinical-stage outfit with no approved products and revenue that fell 61 percent last year.
We pass despite the clean ethical screen and analyst price targets that sit above the current share price. Forward earnings sit deep in negative territory, profit margins are zero, and return on equity is minus 40 percent. Unknown competitive edge plus a business that burns cash while it waits for trial results leaves too many unknowns for a position of any size.
Clinical failure rates stay punishing even when the science looks promising on paper. Currency and funding cycles can also shift quickly for small biotechs, turning a modest delay into permanent dilution. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; as a biotechnology name, trial and regulatory outcomes can move it sharply either way; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
RLAY trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Accumulation$17.44-5.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 5.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Accumulation$18.35+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Accumulation$18.35+0.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$18.35+0.9%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$18.18+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Accumulation$18.18+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 37% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markdown$18.41+7.9%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 7.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter.
2026-10-18Markdown$17.06-9.4%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 64% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24. Insiders have been net sellers over the past quarter.
2026-10-02Markdown$18.84-3.2%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 64% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 287%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (12 analysts) rates it strong buy, with a mean price target of $24.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
