Relay Therapeutics (NASDAQ:RLAY) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Relay Therapeutics (NASDAQ:RLAY) issued its earnings results on Wednesday. The company reported ($0.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.03, FiscalAI reports.

Relay Therapeutics Trading Up 6.8%

Shares of NASDAQ:RLAY traded up $1.15 during trading on Friday, reaching $18.15. 1,640,779 shares of the stock were exchanged, compared to its average volume of 3,132,781. Relay Therapeutics has a 12 month low of $5.95 and a 12 month high of $21.27. The firm has a market cap of $3.98 billion, a PE ratio of -12.02 and a beta of 1.74. The stock has a 50-day moving average price of $18.33 and a 200-day moving average price of $15.14.

Wall Street Analyst Weigh In

Several research firms have issued reports on RLAY. Citigroup restated a “market outperform” rating on shares of Relay Therapeutics in a research note on Monday, August 10th. JPMorgan Chase & Co. lifted their target price on Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Guggenheim reissued a “buy” rating on shares of Relay Therapeutics in a report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Friday, October 2nd. Finally, Canaccord Genuity Group started coverage on Relay Therapeutics in a research note on Thursday, July 16th. They issued a “buy” rating and a $29.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.92.

Insider Buying and Selling

In other news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the transaction, the insider owned 21,904,963 shares in the company, valued at approximately $424,956,282.20. This trade represents a 21.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas Catinazzo sold 17,717 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $18.59, for a total value of $329,359.03. Following the sale, the chief financial officer directly owned 105,134 shares of the company’s stock, valued at approximately $1,954,441.06. The trade was a 14.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,149,344 shares of company stock valued at $119,185,625 in the last ninety days. 5.04% of the stock is currently owned by company insiders.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company’s pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.