Relay Therapeutics Reports Quarterly Earnings, Surpassing Expectations

Relay Therapeutics (NASDAQ:RLAY) announced its quarterly earnings results on Wednesday, revealing an earnings per share (EPS) of ($0.45). This figure was above analysts' expectations, which had estimated a loss of ($0.57) per share. Therefore, the company's performance exceeded the consensus estimate by $0.12.

Stock Performance

Following the earnings announcement, Relay Therapeutics' shares saw a slight increase, opening at $3.75 on Thursday. The company currently has a 50-day moving average of $4.33 and a 200-day moving average of $5.56. With a market capitalization of approximately $627.69 million, Relay has a price-to-earnings ratio (PE) of -1.44 and a beta of 1.61. In the past year, its stock has hit a low of $3.50 and a high of $10.72.

Insider Trading Activity

In related news, one of the company's insiders, Peter Rahmer, sold 32,156 shares on January 2 at an average price of $4.15, totaling $133,447.40. After this sale, Rahmer owns 357,507 shares valued at around $1,483,654.05, indicating an 8.25% decrease in his shareholding. Additionally, CEO Sanjiv Patel sold 75,324 shares on February 13 at an average price of $3.70, resulting in a transaction value of $278,698.80. This sale reduced Patel's ownership by 7.86%, leaving him with 883,089 shares valued at approximately $3,267,429.30. In total, there have been sales of 570,152 shares by insiders worth $2,491,157 over the last ninety days, with insiders currently holding 4.32% of the company's stock.

Analyst Ratings

In the wake of these developments, several analysts have offered their insights regarding the stock. Leerink Partners revised their price target from $19.00 to $18.00 while maintaining an "outperform" rating. Meanwhile, HC Wainwright reaffirmed a "buy" rating with a $16.00 price target. JMP Securities also reiterated a "market outperform" rating and set a price target of $21.00. Presently, one research analyst has rated Relay Therapeutics with a hold rating while nine analysts have assigned a buy rating. Overall, the consensus rating for the stock is a "Moderate Buy," with an average price target of $20.50.

About Relay Therapeutics

Relay Therapeutics, Inc. operates as a clinical-stage precision medicines company. It aims to transform the drug discovery process with a focus on improving small molecule therapeutic discovery for targeted oncology and genetic disease indications. Key product candidates include RLY-4008, an oral small molecule inhibitor targeting fibroblast growth factor receptor 2 (FGFR2), and RLY-2608, which targets the phosphoinositide 3 kinase alpha gene. Additionally, Migoprotafib (GDC-1971) is an oral, selective inhibitor of the protein tyrosine phosphatase SHP2, currently being tested in advanced solid tumors.

Earnings, Stocks, Performance