Relay Therapeutics (NASDAQ:RLAY) Releases Earnings Results, Beats Expectations By $0.14 EPS

Relay Therapeutics (NASDAQ:RLAY) issued its quarterly earnings data on Wednesday. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.14, Zacks reports.

Relay Therapeutics Stock Performance

Relay Therapeutics stock traded up $0.07 during midday trading on Wednesday, reaching $3.75. The company’s stock had a trading volume of 1,282,534 shares, compared to its average volume of 2,148,417. Relay Therapeutics has a fifty-two week low of $3.50 and a fifty-two week high of $10.72. The stock’s 50 day simple moving average is $4.33 and its 200 day simple moving average is $5.57. The firm has a market capitalization of $627.69 million, a PE ratio of -1.44 and a beta of 1.61.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Leerink Partners reduced their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity

In other news, CFO Thomas Catinazzo sold 36,036 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total transaction of $166,846.68. Following the sale, the chief financial officer now owns 263,190 shares in the company, valued at $1,218,569.70. This trade represents a 12.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction on Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This trade represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 570,152 shares of company stock worth $2,491,157 over the last 90 days. 4.32% of the stock is currently owned by corporate insiders.

Relay Therapeutics Company Profile

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.