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

Relay Therapeutics (NASDAQ:RLAY) announced its quarterly earnings results on Wednesday. The company reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.12, Zacks reports.

Relay Therapeutics Price Performance

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

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 20,791 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $4.42, for a total transaction of $91,896.22. Following the completion of the transaction, the chief financial officer now directly owns 379,431 shares of the company’s stock, valued at $1,677,085.02. The trade was a 5.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjiv Patel sold 75,324 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total value of $278,698.80. Following the completion of the transaction, the chief executive officer now owns 883,089 shares in the company, valued at approximately $3,267,429.30. This trade represents a 7.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 570,152 shares of company stock valued at $2,491,157. Corporate 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.