Relay Therapeutics (NASDAQ:RLAY) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Relay Therapeutics (NASDAQ:RLAY) announced its earnings results on Wednesday. The company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.03, FiscalAI reports.

Relay Therapeutics Stock Performance

RLAY stock traded up $0.59 during midday trading on Wednesday, reaching $18.03. The company’s stock had a trading volume of 3,729,956 shares, compared to its average volume of 3,132,790. The stock has a fifty day simple moving average of $18.43 and a two-hundred day simple moving average of $15.04. Relay Therapeutics has a 1 year low of $5.95 and a 1 year high of $21.27. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of -11.48 and a beta of 1.74.

Insider Buying and Selling at Relay Therapeutics

In other news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the completion of the sale, the insider directly owned 21,904,963 shares of the company’s stock, valued at approximately $424,956,282.20. The trade was a 21.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter Rahmer sold 4,508 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $20.03, for a total transaction of $90,295.24. Following the completion of the transaction, the insider owned 223,657 shares in the company, valued at approximately $4,479,849.71. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,149,344 shares of company stock valued at $119,185,625. 5.04% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Citizens Jmp lifted their price target on shares of Relay Therapeutics from $21.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Monday, August 10th. Canaccord Genuity Group began coverage on shares of Relay Therapeutics in a research report on Thursday, July 16th. They issued a “buy” rating and a $29.00 price objective on the stock. Citigroup reissued a “market outperform” rating on shares of Relay Therapeutics in a research note on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Friday, October 2nd. Finally, Guggenheim restated a “buy” rating on shares of Relay Therapeutics in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Relay Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $25.92.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company’s pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.