Relay Therapeutics (NASDAQ:RLAY) Shares Gap Up on Better-Than-Expected Earnings

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.08, but opened at $8.71. Relay Therapeutics shares last traded at $7.04, with a volume of 251,890 shares changing hands.

The company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.08. The company had revenue of $10.01 million for the quarter, compared to analyst estimates of $0.12 million. Relay Therapeutics had a negative return on equity of 42.43% and a negative net margin of 1,263.49%. The business's revenue was up 4327.9% compared to the same quarter last year. During the same period last year, the company earned ($0.78) earnings per share.

Wall Street Analyst Weigh In

RLAY has been the subject of a number of analyst reports. Leerink Partnrs restated an "outperform" rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd. Stifel Nicolaus raised their price target on Relay Therapeutics from $25.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, February 22nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $26.00.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in RLAY. Algert Global LLC grew its holdings in shares of Relay Therapeutics by 61.6% during the 3rd quarter. Algert Global LLC now owns 200,823 shares of the company's stock worth $1,689,000 after purchasing an additional 76,573 shares in the last quarter. Trexquant Investment LP raised its stake in Relay Therapeutics by 926.5% during the third quarter. Trexquant Investment LP now owns 198,671 shares of the company's stock worth $1,671,000 after acquiring an additional 179,317 shares in the last quarter. Swiss National Bank lifted its holdings in Relay Therapeutics by 1.2% during the 3rd quarter. Swiss National Bank now owns 173,800 shares of the company's stock valued at $1,462,000 after purchasing an additional 2,000 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Relay Therapeutics by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 714,805 shares of the company's stock valued at $6,012,000 after buying an additional 42,411 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in Relay Therapeutics by 13.4% in the third quarter. Deutsche Bank AG now owns 51,779 shares of the company's stock valued at $435,000 after buying an additional 6,119 shares in the last quarter. Institutional investors own 96.98% of the company's stock.

Relay Therapeutics Price Performance

The company's 50 day simple moving average is $7.92 and its two-hundred day simple moving average is $8.78. The stock has a market capitalization of $931.67 million, a P/E ratio of -2.50 and a beta of 1.68.

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.