Relay Therapeutics (NASDAQ:RLAY) Announces Quarterly Earnings Results

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) posted its earnings results on Monday. The company reported ($0.46) earnings per share for the quarter, topping analysts' consensus estimates of ($0.50) by $0.04, Zacks reports. The firm had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. The firm's quarterly revenue was down 23.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.62) EPS.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock traded up $0.04 during trading hours on Friday, reaching $3.04. The company had a trading volume of 270,929 shares, compared to its average volume of 2,058,554. Relay Therapeutics has a one year low of $1.78 and a one year high of $10.72. The firm has a market cap of $521.19 million, a PE ratio of -1.16 and a beta of 1.65. The business has a fifty day simple moving average of $2.93 and a 200 day simple moving average of $4.09.

Analysts Set New Price Targets

RLAY has been the topic of a number of recent analyst reports. Wells Fargo & Company assumed coverage on Relay Therapeutics in a research report on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 price target on the stock. Guggenheim reduced their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday. HC Wainwright reissued a "buy" rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. Stifel Nicolaus dropped their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group decreased their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, Relay Therapeutics has an average rating of "Moderate Buy" and an average price target of $17.67.

Insider Buying and Selling at Relay Therapeutics

In related news, insider Peter Rahmer sold 10,739 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $32,217.00. Following the transaction, the insider now directly owns 390,081 shares in the company, valued at approximately $1,170,243. This represents a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjiv Patel sold 140,182 shares of Relay Therapeutics stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total transaction of $539,700.70. Following the sale, the chief executive officer now directly owns 625,948 shares of the company's stock, valued at $2,409,899.80. This represents a 18.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 309,826 shares of company stock valued at $1,099,380 in the last quarter. 4.87% of the stock is currently owned by corporate insiders.

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.