Relay Therapeutics (NASDAQ:RLAY) Announces Quarterly Earnings Results

Relay Therapeutics (NASDAQ:RLAY) released its quarterly earnings results on Wednesday. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14, Briefing.com reports. The company’s revenue was down 100.0% compared to the same quarter last year. During the same period last year, the company posted ($0.54) EPS.

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY traded down $0.11 during trading on Thursday, reaching $6.14. 1,839,407 shares of the stock were exchanged, compared to its average volume of 1,451,188. The firm’s 50-day moving average price is $6.81 and its 200 day moving average price is $7.01. The firm has a market cap of $822.08 million, a price-to-earnings ratio of -2.45 and a beta of 1.67. Relay Therapeutics has a 12-month low of $5.60 and a 12-month high of $12.14.

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Barclays increased their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective on the stock. Bank of America increased their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Relay Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $21.11.

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.