Relay Therapeutics (NASDAQ:RLAY) Announces Quarterly Earnings Results

Relay Therapeutics (NASDAQ:RLAY) posted its quarterly earnings data on Wednesday. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14, Briefing.com reports. The business’s revenue was down 100.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.54) earnings per share.

Relay Therapeutics Price Performance

RLAY stock traded down $0.11 during midday trading on Thursday, reaching $6.14. The company had a trading volume of 1,839,639 shares, compared to its average volume of 1,451,188. The stock has a 50 day moving average price of $6.81 and a 200-day moving average price of $7.01. Relay Therapeutics has a 1-year low of $5.60 and a 1-year high of $12.14. The company has a market capitalization of $822.08 million, a price-to-earnings ratio of -2.45 and a beta of 1.67.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RLAY. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. Finally, Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

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.