Research Analysts Offer Predictions for RLAY FY2024 Earnings

Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) - Stock analysts at Leerink Partnrs increased their FY2024 EPS estimates for Relay Therapeutics in a research report issued to clients and investors on Wednesday, November 6th. Leerink Partnrs analyst A. Berens now expects that the company will earn ($2.69) per share for the year, up from their previous forecast of ($2.95). The consensus estimate for Relay Therapeutics' current full-year earnings is ($2.73) per share. Leerink Partnrs also issued estimates for Relay Therapeutics' Q4 2024 earnings at ($0.74) EPS, FY2025 earnings at ($2.74) EPS, FY2026 earnings at ($2.60) EPS and FY2027 earnings at ($2.48) EPS.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.77) by $0.14. During the same quarter last year, the business posted ($0.54) earnings per share. Relay Therapeutics's revenue for the quarter was down 100.0% compared to the same quarter last year.

Several other brokerages also recently commented on RLAY. HC Wainwright increased their target price on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a "buy" rating in a report on Friday. Oppenheimer lowered Relay Therapeutics from an "outperform" rating to a "market perform" rating in a report on Tuesday, September 10th. Barclays increased their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a "buy" rating and a $20.00 price target for the company. Finally, Bank of America increased their target price on Relay Therapeutics from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Relay Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $21.22.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock traded down $0.04 during trading on Monday, reaching $6.16. 1,110,818 shares of the company traded hands, compared to its average volume of 1,448,590. The company has a 50 day moving average price of $6.79 and a 200-day moving average price of $7.02. The firm has a market capitalization of $824.76 million, a PE ratio of -2.38 and a beta of 1.67. Relay Therapeutics has a 1-year low of $5.60 and a 1-year high of $12.14.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RLAY. Vanguard Group Inc. raised its position in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company's stock valued at $98,070,000 after buying an additional 1,165,282 shares during the last quarter. Logos Global Management LP acquired a new stake in Relay Therapeutics in the 2nd quarter valued at about $8,476,000. First Turn Management LLC acquired a new stake in Relay Therapeutics in the 3rd quarter valued at about $8,683,000. Millennium Management LLC lifted its stake in Relay Therapeutics by 404.2% in the 2nd quarter. Millennium Management LLC now owns 1,149,177 shares of the company's stock worth $7,493,000 after purchasing an additional 921,271 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Relay Therapeutics by 19.1% during the 2nd quarter. Renaissance Technologies LLC now owns 909,037 shares of the company's stock worth $5,927,000 after purchasing an additional 145,837 shares during the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the company's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now directly owns 306,391 shares of the company's stock, valued at approximately $1,856,729.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.32% of the company's stock.

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.