Leerink Partners Comments on Relay Therapeutics, Inc.’s Q3 2024 Earnings (NASDAQ:RLAY)

Relay Therapeutics, Inc. (NASDAQ:RLAY – Free Report) – Research analysts at Leerink Partners cut their Q3 2024 EPS estimates for shares of Relay Therapeutics in a note issued to investors on Wednesday, August 7th. Leerink Partners analyst A. Berens now anticipates that the company will post earnings per share of ($0.85) for the quarter, down from their prior forecast of ($0.74). The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.83) per share. Leerink Partners also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.86) EPS, FY2024 earnings at ($3.05) EPS, FY2025 earnings at ($3.14) EPS, FY2026 earnings at ($3.02) EPS and FY2027 earnings at ($2.62) EPS.

Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same period in the previous year, the business earned ($0.81) EPS.

Other equity analysts also recently issued research reports about the company. JMP Securities dropped their price objective on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. JPMorgan Chase & Co. cut their price target on shares of Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Barclays reduced their price objective on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Oppenheimer lowered their target price on shares of Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, HC Wainwright reduced their price target on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $21.67.

Get Our Latest Research Report on Relay Therapeutics

Relay Therapeutics Price Performance

RLAY opened at $6.51 on Monday. The company has a market capitalization of $864.15 million, a PE ratio of -2.47 and a beta of 1.66. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14. The business has a 50-day moving average of $7.46 and a 200-day moving average of $7.82.

Institutional Trading of Relay Therapeutics

Hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Relay Therapeutics during the 4th quarter valued at about $33,789,000. BVF Inc. IL boosted its holdings in Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Relay Therapeutics by 10.9% in the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after purchasing an additional 1,165,282 shares during the period. Bellevue Group AG raised its holdings in shares of Relay Therapeutics by 21.5% in the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after buying an additional 1,051,082 shares in the last quarter. Finally, Finepoint Capital LP lifted its position in shares of Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after buying an additional 447,000 shares during the period. Institutional investors own 96.98% of the company’s stock.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 9,373 shares of Relay Therapeutics stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the transaction, the chief financial officer now directly owns 330,430 shares in the company, valued at $2,061,883.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Peter Rahmer sold 19,864 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $6.47, for a total transaction of $128,520.08. Following the completion of the transaction, the insider now directly owns 493,470 shares in the company, valued at approximately $3,192,750.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares in the company, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders have sold 125,052 shares of company stock worth $988,396 in the last quarter. 4.32% of the stock is currently owned by company insiders.

Relay Therapeutics Company Profile

(Get Free Report)

Relay Therapeutics, Inc. operates as a clinical-stage precision medicine 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 phosphoinositide 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.

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