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

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Research analysts at HC Wainwright raised their Q3 2024 EPS estimates for shares of Relay Therapeutics in a note issued to investors on Monday, September 16th. HC Wainwright analyst R. Burns now anticipates that the company will post earnings per share of ($0.70) for the quarter, up from their prior forecast of ($0.73). HC Wainwright currently has a “Buy” rating and a $19.00 price objective on the stock. The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.86) per share. HC Wainwright also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.63) EPS, FY2024 earnings at ($2.65) EPS, Q1 2025 earnings at ($0.64) EPS, Q2 2025 earnings at ($0.65) EPS, Q3 2025 earnings at ($0.66) EPS, Q4 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.62) EPS.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the previous year, the company posted ($0.81) earnings per share.

Several other analysts also recently commented on the stock. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research report on Tuesday. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Barclays upped their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group assumed coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Relay Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $21.11.

Relay Therapeutics Stock Performance

Shares of NASDAQ RLAY opened at $7.58 on Thursday. The business has a 50 day simple moving average of $7.60 and a 200 day simple moving average of $7.34. Relay Therapeutics has a 52 week low of $5.70 and a 52 week high of $12.14. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -2.87 and a beta of 1.64.

Institutional Trading of Relay Therapeutics

Several large investors have recently made changes to their positions in RLAY. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics during the 2nd quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Relay Therapeutics during the first quarter valued at approximately $79,000. Virtu Financial LLC bought a new stake in shares of Relay Therapeutics during the first quarter valued at approximately $87,000. Los Angeles Capital Management LLC grew its stake in shares of Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at approximately $126,000. Institutional investors own 96.98% of the company’s stock.

Insider Buying and Selling at Relay Therapeutics

In other news, insider Peter Rahmer sold 13,523 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the sale, the insider now owns 420,765 shares in the company, valued at approximately $3,593,333.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 330,430 shares in the company, valued at approximately $2,061,883.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the sale, the insider now directly owns 420,765 shares of the company’s stock, valued at $3,593,333.10. The disclosure for this sale can be found here. Insiders have sold 84,738 shares of company stock worth $715,499 over the last three months. Company insiders own 4.32% 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.