Relay Therapeutics (NASDAQ:RLAY) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Relay Therapeutics (NASDAQ:RLAY) announced its quarterly earnings data on Wednesday. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12, Zacks reports.

Relay Therapeutics Trading Down 3.3 %

Shares of RLAY traded down $0.13 during mid-day trading on Thursday, reaching $3.63. 842,596 shares of the stock traded hands, compared to its average volume of 2,112,650. Relay Therapeutics has a 1 year low of $3.25 and a 1 year high of $10.72. The company has a market cap of $606.76 million, a price-to-earnings ratio of -1.39 and a beta of 1.61. The firm has a fifty day moving average price of $4.33 and a 200 day moving average price of $5.56.

Analyst Ratings Changes

Several research firms have recently weighed in on RLAY. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Tuesday, January 14th. Stifel Nicolaus reduced their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday. Leerink Partners dropped their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group reduced their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.80.

Insider Activity at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 140,182 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Rahmer sold 32,156 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the sale, the insider now owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. The trade was a 8.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 570,152 shares of company stock valued at $2,491,157. Company insiders own 4.32% of the company’s stock.

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.