HC Wainwright Predicts Lower Earnings for Relay Therapeutics

Relay Therapeutics, Inc. (NASDAQ:RLAY - Free Report) - Research analysts at HC Wainwright cut their FY2024 EPS estimates for Relay Therapeutics in a note issued to investors on Wednesday, December 4th. HC Wainwright analyst R. Burns now anticipates that the company will earn ($2.47) per share for the year, down from their prior forecast of ($2.45). HC Wainwright has a "Buy" rating and a $16.00 price target on the stock. The consensus estimate for Relay Therapeutics' current full-year earnings is ($2.56) per share. HC Wainwright also issued estimates for Relay Therapeutics' Q4 2024 earnings at ($0.54) EPS, Q1 2025 earnings at ($0.56) EPS, Q2 2025 earnings at ($0.58) EPS, Q3 2025 earnings at ($0.60) EPS, Q4 2025 earnings at ($0.61) EPS and FY2025 earnings at ($2.35) EPS.

A number of other analysts also recently weighed in on RLAY. Stifel Nicolaus reaffirmed a "buy" rating and issued a $28.00 target price on shares of Relay Therapeutics in a research report on Monday, September 16th. Oppenheimer cut shares of Relay Therapeutics from an "outperform" rating to a "market perform" rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They issued a "buy" rating and a $20.00 price target on the stock. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $21.00 price objective on shares of Relay Therapeutics in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Relay Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $20.50.

Relay Therapeutics Price Performance

RLAY stock traded up $0.33 during midday trading on Friday, hitting $4.61. The stock had a trading volume of 2,820,827 shares, compared to its average volume of 1,767,768. The business has a 50-day moving average of $5.84 and a two-hundred day moving average of $6.79. Relay Therapeutics has a 52-week low of $4.25 and a 52-week high of $12.14.

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

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the firm's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares of the company's stock, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.32% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics in the 2nd quarter worth approximately $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Relay Therapeutics in the third quarter worth $63,000. Portland Investment Counsel Inc. purchased a new stake in Relay Therapeutics during the third quarter valued at $71,000. Virtu Financial LLC purchased a new stake in Relay Therapeutics during the first quarter valued at $87,000. Finally, Values First Advisors Inc. purchased a new position in Relay Therapeutics in the third quarter worth about $75,000. Institutional investors own 96.98% 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.