Leerink Partnrs Issues Optimistic Estimate for RLAY Earnings

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Analysts at Leerink Partnrs lifted their FY2024 earnings per share estimates for shares of Relay Therapeutics in a research report issued on Wednesday, November 6th. Leerink Partnrs analyst A. Berens now anticipates that the company will post earnings per share of ($2.69) for the year, up from their previous forecast 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 issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. The company’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same period last year, the firm earned ($0.54) EPS.

Several other research firms also recently weighed in on RLAY. Bank of America lifted their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. cut their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. Barclays upped their price target on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. 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 price objective for the company. Finally, Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.22.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $6.16 on Monday. Relay Therapeutics has a 1 year low of $5.60 and a 1 year high of $12.14. The business’s fifty day moving average is $6.78 and its two-hundred day moving average is $7.02. The stock has a market capitalization of $824.76 million, a P/E ratio of -2.36 and a beta of 1.67.

Insider Activity

In related news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock worth $1,494,000 after purchasing an additional 65,484 shares in the last quarter. Logos Global Management LP bought a new stake in Relay Therapeutics in the 2nd quarter valued at $8,476,000. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics in the 1st quarter worth $79,000. Los Angeles Capital Management LLC boosted its stake in Relay Therapeutics by 661.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock worth $692,000 after purchasing an additional 92,230 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Relay Therapeutics by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock valued at $5,927,000 after purchasing an additional 145,837 shares during the period. Institutional investors own 96.98% 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.