Relay Therapeutics (NASDAQ:RLAY) Announces Earnings Results, Misses Estimates 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 Trading Down 7.4%

Shares of RLAY traded down $0.48 during trading hours on Friday, reaching $6.05. 4,990,062 shares of the company traded hands, compared to its average volume of 2,037,668. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -3.46 and a beta of 1.76. Relay Therapeutics has a 12-month low of $1.77 and a 12-month high of $7.64. The stock’s fifty day moving average price is $5.55 and its 200 day moving average price is $4.10.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 62,073 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 703,215 shares in the company, valued at approximately $4,922,505. This represents a 8.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald A. Bergstrom sold 30,897 shares of Relay Therapeutics stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total value of $225,239.13. Following the completion of the sale, the insider owned 521,823 shares of the company’s stock, valued at $3,804,089.67. The trade was a 5.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,163 shares of company stock valued at $1,117,630 over the last 90 days. 4.87% of the stock is owned by corporate insiders.

Institutional Trading of Relay Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of RLAY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Relay Therapeutics by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company’s stock worth $221,000 after acquiring an additional 5,238 shares in the last quarter. Raymond James Financial Inc. grew its stake in Relay Therapeutics by 3.2% in the second quarter. Raymond James Financial Inc. now owns 190,488 shares of the company’s stock valued at $659,000 after purchasing an additional 5,955 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Relay Therapeutics by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 212,126 shares of the company’s stock worth $734,000 after purchasing an additional 6,547 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Relay Therapeutics by 26.2% during the second quarter. Cresset Asset Management LLC now owns 37,084 shares of the company’s stock valued at $128,000 after buying an additional 7,705 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its holdings in shares of Relay Therapeutics by 31.5% in the 2nd quarter. Engineers Gate Manager LP now owns 38,719 shares of the company’s stock valued at $134,000 after buying an additional 9,281 shares in the last quarter. Institutional investors own 96.98% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.