Relay Therapeutics (NASDAQ:RLAY) Issues Quarterly Earnings Results

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 Stock Performance

RLAY traded down $0.48 during trading on Friday, hitting $6.05. 4,990,062 shares of the stock were exchanged, compared to its average volume of 2,037,668. The firm has a 50 day simple moving average of $5.55 and a 200 day simple moving average of $4.10. 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 1 year low of $1.77 and a 1 year high of $7.64.

Insider Transactions at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 62,073 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $7.00, for a total transaction of $434,511.00. Following the transaction, the chief executive officer owned 703,215 shares of the company’s stock, valued at approximately $4,922,505. This represents a 8.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 Investors Weigh In On Relay Therapeutics

Several hedge funds have recently modified their holdings of RLAY. AQR Capital Management LLC boosted its stake in shares of Relay Therapeutics by 11.9% during the first quarter. AQR Capital Management LLC now owns 364,946 shares of the company’s stock valued at $956,000 after purchasing an additional 38,812 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Relay Therapeutics by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company’s stock worth $221,000 after buying an additional 5,238 shares during the period. Millennium Management LLC lifted its holdings in Relay Therapeutics by 14.6% during the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company’s stock worth $7,710,000 after buying an additional 374,491 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Relay Therapeutics during the 1st quarter valued at $53,000. Finally, Woodline Partners LP increased its holdings in shares of Relay Therapeutics by 448.4% in the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock valued at $3,979,000 after acquiring an additional 1,241,657 shares during the period. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Wall Street Analysts Forecast Growth

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