Relay Therapeutics, Inc. (NASDAQ:RLAY) Expected to Earn Q3 2024 Earnings of ($0.85) Per Share

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Research analysts at Leerink Partnrs cut their Q3 2024 EPS estimates for Relay Therapeutics in a note issued to investors on Wednesday, August 7th. Leerink Partnrs analyst A. Berens now forecasts that the company will post earnings of ($0.85) per share for the quarter, down from their prior forecast of ($0.74). The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.83) per share. Leerink Partnrs also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.86) EPS, FY2024 earnings at ($3.05) EPS, FY2025 earnings at ($3.14) EPS, FY2026 earnings at ($3.02) EPS and FY2027 earnings at ($2.62) EPS.

RLAY has been the topic of a number of other research reports. JMP Securities cut their price target on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 18th. Barclays dropped their price target on Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Oppenheimer reduced their price objective on Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on shares of Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, HC Wainwright dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Buy” and an average price target of $21.67.

Relay Therapeutics Stock Performance

RLAY opened at $6.56 on Monday. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $12.14. The company’s 50 day simple moving average is $7.45 and its 200 day simple moving average is $7.80. The stock has a market capitalization of $870.79 million, a PE ratio of -2.48 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period last year, the business earned ($0.81) earnings per share.

Institutional Trading of Relay Therapeutics

Several institutional investors have recently added to or reduced their stakes in RLAY. Caxton Associates LP raised its stake in shares of Relay Therapeutics by 637.3% in the 4th quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock valued at $3,073,000 after purchasing an additional 241,247 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after acquiring an additional 65,484 shares in the last quarter. Finepoint Capital LP lifted its stake in Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares during the last quarter. BVF Inc. IL lifted its stake in Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares during the last quarter. Finally, Norges Bank acquired a new position in Relay Therapeutics in the fourth quarter worth $33,789,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares in the company, valued at $6,948,799.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 13,708 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the sale, the insider now owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,052 shares of company stock valued at $988,396. Corporate insiders own 4.32% of the company’s stock.

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.