Equities Analysts Set Expectations for RLAY FY2024 Earnings

Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) - Equities research analysts at Leerink Partnrs boosted their FY2024 EPS estimates for shares of Relay Therapeutics in a research report issued to clients and investors on Tuesday, December 3rd. Leerink Partnrs analyst A. Berens now expects that the company will post earnings of ($2.32) per share for the year, up from their prior estimate of ($2.69). The consensus estimate for Relay Therapeutics' current full-year earnings is ($2.56) per share. Leerink Partnrs also issued estimates for Relay Therapeutics' Q4 2024 earnings at ($0.39) EPS, FY2025 earnings at ($2.59) EPS, FY2026 earnings at ($2.17) EPS and FY2027 earnings at ($2.61) EPS.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. During the same period in the previous year, the firm earned ($0.54) earnings per share. The firm's revenue was down 100.0% on a year-over-year basis.

RLAY has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They issued a "buy" rating and a $20.00 price target for the company. Stifel Nicolaus reaffirmed a "buy" rating and issued a $28.00 price target on shares of Relay Therapeutics in a report on Monday, September 16th. HC Wainwright dropped their price objective on Relay Therapeutics from $20.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Oppenheimer lowered Relay Therapeutics from an "outperform" rating to a "market perform" rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Relay Therapeutics Stock Up 7.7 %

NASDAQ RLAY traded up $0.33 during trading hours on Friday, hitting $4.61. The company had a trading volume of 2,820,827 shares, compared to its average volume of 1,767,768. Relay Therapeutics has a 52 week low of $4.25 and a 52 week high of $12.14. The firm has a 50 day simple moving average of $5.84 and a 200 day simple moving average of $6.79.

Institutional Trading of Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. Bellevue Group AG boosted its stake in shares of Relay Therapeutics by 15.7% during the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company's stock valued at $52,230,000 after purchasing an additional 1,000,069 shares during the period. State Street Corp raised its holdings in Relay Therapeutics by 1.2% during the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company's stock valued at $30,446,000 after buying an additional 51,810 shares during the last quarter. Braidwell LP boosted its position in Relay Therapeutics by 16.4% during the 3rd quarter. Braidwell LP now owns 3,499,427 shares of the company's stock valued at $24,776,000 after buying an additional 492,628 shares during the period. Geode Capital Management LLC grew its holdings in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company's stock worth $19,348,000 after acquiring an additional 367,473 shares during the last quarter. Finally, Eventide Asset Management LLC purchased a new position in shares of Relay Therapeutics in the third quarter valued at about $18,989,000. 96.98% of the stock is owned by institutional investors.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, 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 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.32% of the stock is currently owned by insiders.

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.