Relay Therapeutics (NASDAQ:RLAY) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Relay Therapeutics reported quarterly EPS of -$0.37, beating analysts’ consensus estimate of -$0.40 by $0.03.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $25.92.
• Company insiders sold about 6.15 million shares worth approximately $119.2 million over the last quarter.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.37) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.03, FiscalAI reports.

Relay Therapeutics Price Performance

Shares of NASDAQ RLAY traded up $0.59 during mid-day trading on Wednesday, hitting $18.03. 3,729,956 shares of the company's stock traded hands, compared to its average volume of 3,132,790. The company's 50-day moving average is $18.43 and its two-hundred day moving average is $15.04. The company has a market capitalization of $3.95 billion, a P/E ratio of -11.48 and a beta of 1.74. Relay Therapeutics has a 1 year low of $5.95 and a 1 year high of $21.27.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RLAY shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Relay Therapeutics in a research note on Friday, October 2nd. HC Wainwright upped their price target on Relay Therapeutics from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Citizens Jmp increased their price objective on shares of Relay Therapeutics from $21.00 to $26.00 and gave the company a "market outperform" rating in a report on Monday, August 10th. Citigroup reissued a "market outperform" rating on shares of Relay Therapeutics in a report on Monday, August 10th. Finally, Wall Street Zen lowered Relay Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Relay Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $25.92.

Insider Buying and Selling

In other Relay Therapeutics news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the sale, the insider directly owned 21,904,963 shares of the company's stock, valued at $424,956,282.20. The trade was a 21.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Donald Bergstrom sold 8,530 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $18.97, for a total value of $161,814.10. Following the sale, the insider directly owned 399,130 shares in the company, valued at $7,571,496.10. The trade was a 2.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,149,344 shares of company stock valued at $119,185,625 in the last quarter. 5.04% of the stock is currently owned by insiders.

About Relay Therapeutics

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company's pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.

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