Relay Therapeutics (NASDAQ:RLAY) Announces Earnings Results, Beats Estimates By $0.14 EPS

Relay Therapeutics (NASDAQ:RLAY) released its earnings results on Wednesday. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.14, Zacks reports.

Relay Therapeutics Stock Up 1.9 %

RLAY traded up $0.07 during trading on Wednesday, hitting $3.75. 1,282,524 shares of the stock were exchanged, compared to its average volume of 2,148,374. Relay Therapeutics has a 1-year low of $3.50 and a 1-year high of $10.72. The stock has a fifty day moving average price of $4.33 and a two-hundred day moving average price of $5.57. The firm has a market capitalization of $627.69 million, a P/E ratio of -1.44 and a beta of 1.61.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Leerink Partners lowered their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a research note on Tuesday, January 14th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Thursday, December 12th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Activity

In other news, insider Peter Rahmer sold 16,576 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the sale, the insider now directly owns 308,754 shares of the company’s stock, valued at approximately $1,373,955.30. This represents a 5.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 140,182 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $539,700.70. Following the transaction, the chief executive officer now directly owns 625,948 shares in the company, valued at approximately $2,409,899.80. This represents a 18.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 570,152 shares of company stock valued at $2,491,157. 4.32% of the stock is currently owned by company insiders.

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.