Q2 2024 EPS Estimates for Relay Therapeutics, Inc. (NASDAQ:RLAY) Reduced by Leerink Partnrs

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Investment analysts at Leerink Partnrs dropped their Q2 2024 earnings per share estimates for shares of Relay Therapeutics in a research report issued to clients and investors on Monday, May 6th. Leerink Partnrs analyst A. Berens now forecasts that the company will post earnings of ($0.73) per share for the quarter, down from their prior forecast of ($0.64). Leerink Partnrs currently has a “Outperform” rating on the stock. The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.82) per share. Leerink Partnrs also issued estimates for Relay Therapeutics’ Q3 2024 earnings at ($0.69) EPS, Q4 2024 earnings at ($0.74) EPS, FY2024 earnings at ($2.78) EPS and FY2025 earnings at ($2.67) EPS.

Several other brokerages have also commented on RLAY. Stifel Nicolaus lifted their price objective on shares of Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $25.00 price target (down previously from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Barclays raised Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective for the company in a report on Friday. Finally, JMP Securities restated a “market outperform” rating and issued a $24.00 target price on shares of Relay Therapeutics in a research note on Monday, May 6th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Relay Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $22.20.

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY opened at $6.42 on Thursday. The company has a market capitalization of $852.19 million, a P/E ratio of -2.43 and a beta of 1.68. The company’s 50-day moving average is $7.58 and its 200 day moving average is $8.77. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $13.32.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative return on equity of 42.66% and a negative net margin of 1,263.49%. The business had revenue of $10.01 million for the quarter, compared to analysts’ expectations of $0.12 million. During the same quarter in the previous year, the firm earned ($0.78) earnings per share. The business’s revenue was up 4327.9% on a year-over-year basis.

Institutional Trading of Relay Therapeutics

A number of institutional investors have recently modified their holdings of RLAY. New York State Common Retirement Fund raised its holdings in Relay Therapeutics by 3.2% during the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after acquiring an additional 1,127 shares during the period. Handelsbanken Fonder AB grew its position in shares of Relay Therapeutics by 5.7% in the fourth quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after purchasing an additional 1,600 shares in the last quarter. Swiss National Bank raised its stake in shares of Relay Therapeutics by 1.2% during the 3rd quarter. Swiss National Bank now owns 173,800 shares of the company’s stock valued at $1,462,000 after purchasing an additional 2,000 shares during the period. Congress Asset Management Co. MA raised its stake in shares of Relay Therapeutics by 1.4% during the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after purchasing an additional 2,108 shares during the period. Finally, Los Angeles Capital Management LLC lifted its holdings in Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after purchasing an additional 2,850 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.