Q3 2024 EPS Estimates for Relay Therapeutics, Inc. (NASDAQ:RLAY) Lifted by Analyst

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Equities researchers at Leerink Partnrs raised their Q3 2024 earnings per share estimates for shares of Relay Therapeutics in a research note issued on Tuesday, September 10th. Leerink Partnrs analyst A. Berens now forecasts that the company will post earnings of ($0.81) per share for the quarter, up from their previous forecast of ($0.85). The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.90) per share. Leerink Partnrs also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.82) EPS, FY2024 earnings at ($2.95) EPS, FY2025 earnings at ($2.98) EPS, FY2026 earnings at ($2.83) EPS and FY2027 earnings at ($2.71) EPS.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period last year, the business earned ($0.81) EPS.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. reduced their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Barclays boosted their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Bank of America boosted their target price on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Relay Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock opened at $7.60 on Friday. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -2.88 and a beta of 1.64. Relay Therapeutics has a 52-week low of $5.70 and a 52-week high of $12.14. The stock has a 50-day simple moving average of $7.54 and a 200-day simple moving average of $7.39.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. New York State Common Retirement Fund grew its stake in Relay Therapeutics by 3.2% in the fourth quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after purchasing an additional 1,127 shares in the last quarter. American International Group Inc. grew its stake in Relay Therapeutics by 4.0% in the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after purchasing an additional 1,810 shares in the last quarter. Congress Asset Management Co. MA grew its stake in Relay Therapeutics by 1.4% in the first 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 in the last quarter. Los Angeles Capital Management LLC grew its stake in Relay Therapeutics by 25.7% in 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 in the last quarter. Finally, ProShare Advisors LLC grew its stake in Relay Therapeutics by 14.9% in the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after purchasing an additional 3,394 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Insider Activity

In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.56, for a total value of $92,276.80. Following the transaction, the chief financial officer now directly owns 319,650 shares in the company, valued at approximately $2,736,204. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,738 shares of company stock worth $715,499. Company insiders own 4.32% of the company’s stock.

Relay Therapeutics Company Profile

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.