FY2024 EPS Forecast for Relay Therapeutics Lifted by Analyst

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Analysts at Leerink Partnrs lifted their FY2024 EPS estimates for shares of Relay Therapeutics in a report released on Wednesday, November 6th. Leerink Partnrs analyst A. Berens now expects that the company will post earnings per share of ($2.69) for the year, up from their prior estimate of ($2.95). The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.73) per share. Leerink Partnrs also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.74) EPS, FY2025 earnings at ($2.74) EPS, FY2026 earnings at ($2.60) EPS and FY2027 earnings at ($2.48) EPS.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. Relay Therapeutics’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.54) earnings per share.

A number of other research analysts also recently commented on the stock. The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. HC Wainwright raised their price target on Relay Therapeutics from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Oppenheimer cut Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Stock Performance

Shares of NASDAQ RLAY opened at $5.94 on Monday. The stock’s 50-day simple moving average is $6.78 and its 200-day simple moving average is $7.02. The firm has a market capitalization of $795.31 million, a PE ratio of -2.28 and a beta of 1.67. Relay Therapeutics has a fifty-two week low of $5.60 and a fifty-two week high of $12.14.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Algert Global LLC increased its position in Relay Therapeutics by 7.6% during the 3rd quarter. Algert Global LLC now owns 513,277 shares of the company’s stock worth $3,634,000 after purchasing an additional 36,389 shares during the period. Valence8 US LP purchased a new position in Relay Therapeutics in the third quarter worth $185,000. Charles Schwab Investment Management Inc. lifted its holdings in Relay Therapeutics by 26.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after acquiring an additional 214,398 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Relay Therapeutics during the 3rd quarter worth $256,000. Finally, First Turn Management LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth $8,683,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Insider Activity

In related 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 value of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate 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.