Relay Therapeutics (NASDAQ:RLAY) Issues Earnings Results, Misses Expectations By $0.04 EPS

Relay Therapeutics (NASDAQ:RLAY) released its earnings results on Thursday. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.04), Zacks reports.

Relay Therapeutics Stock Performance

NASDAQ RLAY traded down $0.48 on Friday, reaching $6.05. The company had a trading volume of 4,990,062 shares, compared to its average volume of 2,037,668. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -3.46 and a beta of 1.76. Relay Therapeutics has a 1-year low of $1.77 and a 1-year high of $7.64. The company’s fifty day moving average is $5.55 and its 200-day moving average is $4.10.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. HC Wainwright reduced their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, August 26th. Guggenheim started coverage on shares of Relay Therapeutics in a research note on Thursday, September 4th. They issued a “buy” rating and a $15.00 target price for the company. Wells Fargo & Company increased their target price on shares of Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Raymond James Financial reduced their price target on shares of Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Relay Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $16.75.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 62,073 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $7.00, for a total value of $434,511.00. Following the sale, the chief executive officer owned 703,215 shares in the company, valued at approximately $4,922,505. The trade was a 8.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Donald A. Bergstrom sold 30,897 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total value of $225,239.13. Following the transaction, the insider directly owned 521,823 shares of the company’s stock, valued at approximately $3,804,089.67. This trade represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 155,163 shares of company stock worth $1,117,630. Company insiders own 4.87% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently made changes to their positions in the stock. Captrust Financial Advisors bought a new position in shares of Relay Therapeutics in the second quarter valued at $49,000. Cerity Partners LLC bought a new position in shares of Relay Therapeutics in the 2nd quarter valued at about $51,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Relay Therapeutics during the 1st quarter worth about $53,000. Jump Financial LLC acquired a new position in shares of Relay Therapeutics during the 2nd quarter worth about $53,000. Finally, Sei Investments Co. bought a new stake in shares of Relay Therapeutics in the 2nd quarter valued at about $89,000. Institutional investors and hedge funds own 96.98% 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.