Leerink Partnrs Has Positive Outlook of RLAY FY2024 Earnings

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Stock analysts at Leerink Partnrs raised their FY2024 EPS estimates for shares of Relay Therapeutics in a research note issued to investors on Tuesday, December 3rd. Leerink Partnrs analyst A. Berens now anticipates that the company will earn ($2.32) per share for the year, up from their prior estimate of ($2.69). The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.61) per share. Leerink Partnrs also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.39) EPS, FY2025 earnings at ($2.59) EPS, FY2026 earnings at ($2.17) EPS and FY2027 earnings at ($2.61) EPS.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter in the prior year, the firm posted ($0.54) EPS. The firm’s quarterly revenue was down 100.0% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on the company. HC Wainwright cut their price target on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday. Barclays increased their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Leerink Partners cut their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Bank of America upped their price target on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock opened at $4.61 on Friday. The stock’s 50-day moving average is $5.84 and its 200 day moving average is $6.79. Relay Therapeutics has a one year low of $4.25 and a one year high of $12.14. The firm has a market cap of $771.64 million, a price-to-earnings ratio of -1.76 and a beta of 1.59.

Institutional Trading of Relay Therapeutics

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

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.