Relay Therapeutics (NASDAQ:RLAY) Issues Earnings Results

Relay Therapeutics (NASDAQ:RLAY) issued its earnings results on Thursday. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04), Zacks reports.

Relay Therapeutics Price Performance

Relay Therapeutics stock traded down $0.48 during trading hours on Friday, reaching $6.05. The stock had a trading volume of 4,990,062 shares, compared to its average volume of 2,037,668. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -3.46 and a beta of 1.76. The business’s 50 day moving average price is $5.55 and its 200-day moving average price is $4.10. Relay Therapeutics has a 52 week low of $1.77 and a 52 week high of $7.64.

Analysts Set New Price Targets

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

Insider Activity

In other news, CFO Thomas Catinazzo sold 21,664 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total value of $157,930.56. Following the transaction, the chief financial officer owned 313,631 shares of the company’s stock, valued at $2,286,369.99. The trade was a 6.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Donald A. Bergstrom sold 30,897 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total transaction of $225,239.13. Following the sale, the insider directly owned 521,823 shares of the company’s stock, valued at $3,804,089.67. The trade was a 5.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 155,163 shares of company stock worth $1,117,630 in the last quarter. 4.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RLAY. Captrust Financial Advisors acquired a new stake in Relay Therapeutics in the second quarter worth about $49,000. Cerity Partners LLC acquired a new position in shares of Relay Therapeutics during the second quarter valued at about $51,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Relay Therapeutics in the 1st quarter valued at approximately $53,000. Jump Financial LLC acquired a new stake in Relay Therapeutics in the 2nd quarter worth approximately $53,000. Finally, Sei Investments Co. purchased a new stake in Relay Therapeutics during the 2nd quarter worth approximately $89,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.