HC Wainwright Comments on Relay Therapeutics, Inc.’s Q3 2024 Earnings (NASDAQ:RLAY)

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Equities researchers at HC Wainwright lifted their Q3 2024 earnings per share estimates for shares of Relay Therapeutics in a report released on Monday, September 16th. HC Wainwright analyst R. Burns now forecasts that the company will post earnings of ($0.70) per share for the quarter, up from their previous forecast of ($0.73). HC Wainwright currently has a “Buy” rating and a $19.00 target price on the stock. The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.86) per share. HC Wainwright also issued estimates for Relay Therapeutics’ Q4 2024 earnings at ($0.63) EPS, FY2024 earnings at ($2.65) EPS, Q1 2025 earnings at ($0.64) EPS, Q2 2025 earnings at ($0.65) EPS, Q3 2025 earnings at ($0.66) EPS, Q4 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.62) EPS.

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

Several other research firms have also recently issued reports on RLAY. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Tuesday. Stifel Nicolaus restated a “buy” rating and issued a $28.00 target price on shares of Relay Therapeutics in a report on Monday. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Barclays increased their price target on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group initiated coverage on Relay Therapeutics in a report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

Relay Therapeutics Price Performance

RLAY opened at $7.86 on Thursday. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $12.14. The stock has a 50-day moving average price of $7.60 and a 200-day moving average price of $7.34. The firm has a market cap of $1.04 billion, a PE ratio of -2.98 and a beta of 1.64.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC bought a new stake in Relay Therapeutics during the second quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new stake in Relay Therapeutics during the first quarter valued at about $79,000. Virtu Financial LLC bought a new stake in Relay Therapeutics during the first quarter valued at about $87,000. Los Angeles Capital Management LLC raised its holdings in Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after acquiring an additional 2,850 shares during the period. Finally, Victory Capital Management Inc. bought a new stake in Relay Therapeutics during the fourth quarter valued at about $126,000. 96.98% of the stock is owned by institutional investors.

Insider Activity at Relay Therapeutics

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