Relay Therapeutics (NASDAQ:RLAY) Announces Earnings Results, Beats Estimates By $0.03 EPS

Relay Therapeutics (NASDAQ:RLAY) announced its earnings results on Wednesday. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.03, FiscalAI reports.

Relay Therapeutics Trading Up 3.4%

Relay Therapeutics stock traded up $0.59 during midday trading on Wednesday, reaching $18.03. The stock had a trading volume of 3,729,956 shares, compared to its average volume of 3,132,790. Relay Therapeutics has a 12 month low of $5.95 and a 12 month high of $21.27. The company has a market capitalization of $3.95 billion, a P/E ratio of -11.48 and a beta of 1.74. The company has a fifty day moving average price of $18.43 and a two-hundred day moving average price of $15.04.

Insider Buying and Selling at Relay Therapeutics

In other news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the completion of the sale, the insider owned 21,904,963 shares in the company, valued at $424,956,282.20. The trade was a 21.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas Catinazzo sold 17,717 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $18.59, for a total value of $329,359.03. Following the sale, the chief financial officer owned 105,134 shares of the company’s stock, valued at approximately $1,954,441.06. This represents a 14.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 6,149,344 shares of company stock worth $119,185,625 in the last quarter. Company insiders own 5.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Relay Therapeutics in a report on Friday, October 2nd. Barclays lifted their price objective on Relay Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. The Goldman Sachs Group boosted their price objective on Relay Therapeutics from $22.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. upped their target price on Relay Therapeutics from $28.00 to $31.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Relay Therapeutics in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.92.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company’s pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.