Leerink Partnrs Research Analysts Lower Earnings Estimates for Relay Therapeutics, Inc. (NASDAQ:RLAY)

Relay Therapeutics, Inc. (NASDAQ:RLAY) – Stock analysts at Leerink Partnrs cut their Q2 2024 earnings per share (EPS) estimates for shares of Relay Therapeutics in a research report issued to clients and investors on Monday, May 6th. Leerink Partnrs analyst A. Berens now forecasts that the company will earn ($0.73) per share for the quarter, down from their previous forecast of ($0.64). Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for Relay Therapeutics’ current full-year earnings is ($2.84) per share. Leerink Partnrs also issued estimates for Relay Therapeutics’ Q3 2024 earnings at ($0.69) EPS, Q4 2024 earnings at ($0.74) EPS, FY2024 earnings at ($2.78) EPS and FY2025 earnings at ($2.67) EPS.

Several other equities research analysts have also recently weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $25.00 price objective (down previously from $33.00) on shares of Relay Therapeutics in a report on Monday. JMP Securities reiterated a “market outperform” rating and issued a $24.00 price objective on shares of Relay Therapeutics in a report on Monday. Finally, Stifel Nicolaus increased their price objective on Relay Therapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $24.00.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $6.51 on Thursday. The stock has a market capitalization of $864.14 million, a PE ratio of -2.47 and a beta of 1.68. Relay Therapeutics has a 1-year low of $5.70 and a 1-year high of $13.32. The business has a 50-day moving average of $7.73 and a 200 day moving average of $8.80.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.08. The company had revenue of $10.01 million during the quarter, compared to analysts’ expectations of $0.12 million. Relay Therapeutics had a negative return on equity of 42.66% and a negative net margin of 1,263.49%. Relay Therapeutics’s quarterly revenue was up 4327.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.78) EPS.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Relay Therapeutics by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 10,650,387 shares of the company’s stock worth $117,261,000 after purchasing an additional 98,025 shares during the last quarter. Bellevue Group AG raised its stake in Relay Therapeutics by 21.5% during the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after buying an additional 1,051,082 shares during the last quarter. BVF Inc. IL grew its stake in shares of Relay Therapeutics by 67.8% during the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares during the period. Norges Bank purchased a new stake in shares of Relay Therapeutics during the 4th quarter valued at about $33,789,000. Finally, Finepoint Capital LP increased its holdings in Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after buying an additional 447,000 shares during the last quarter. 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.