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

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

Relay Therapeutics Trading Up 1.9 %

Shares of NASDAQ:RLAY opened at $3.75 on Thursday. The firm has a 50 day moving average of $4.33 and a 200-day moving average of $5.56. The stock has a market capitalization of $627.69 million, a PE ratio of -1.44 and a beta of 1.61. Relay Therapeutics has a 12 month low of $3.50 and a 12 month high of $10.72.

Insider Activity

In other Relay Therapeutics news, insider Peter Rahmer sold 32,156 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the transaction, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjiv Patel sold 75,324 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $3.70, for a total transaction of $278,698.80. Following the completion of the transaction, the chief executive officer now owns 883,089 shares of the company’s stock, 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 ninety days, insiders sold 570,152 shares of company stock worth $2,491,157. 4.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Leerink Partners decreased 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. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, January 14th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

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.