Oppenheimer Upgrades Relay Therapeutics Rating
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 26 2026
0mins
Should l Buy RLAY?
Source: seekingalpha
- Rating Upgrade: Oppenheimer has upgraded Relay Therapeutics (RLAY) from 'perform' to 'outperform', anticipating that its lead asset zovegalisib could benefit if Celcuity's (CELC) gedatolisib data underperforms, with a price target of $14 representing an 88% upside from the January 23 close.
- Data Expectations: Analyst Matthew Biegler believes that the data from the gedatolisib VIKTORIA-1 study will underperform expectations and may even fail, creating a 'beatable bar' for zovegalisib, which could positively impact its market performance.
- Therapeutic Advantages: As a mutant-selective inhibitor, zovegalisib may have advantages over gedatolisib in breast cancer treatment, as key opinion leaders indicate a preference for treatment segmentation based on ESR1 and PI3K mutation statuses, providing a strategic edge for Relay Therapeutics' product.
- Market Outlook: Relay Therapeutics is set to showcase its potential at the upcoming Jefferies London Healthcare Conference, and combined with the analyst's optimistic rating, it may attract more investor attention towards its future growth opportunities.
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Analyst Views on RLAY
Wall Street analysts forecast RLAY stock price to rise
6 Analyst Rating
5 Buy
1 Hold
0 Sell
Strong Buy
Current: 9.600
Low
13.00
Averages
14.75
High
17.00
Current: 9.600
Low
13.00
Averages
14.75
High
17.00
About RLAY
Relay Therapeutics Inc. is a clinical-stage precision medicine company. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. Its Dynamo platform integrates an array of computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. The Company’s lead product candidates, such as RLY-2608. It is advancing a pipeline of medicine candidates to address targets in precision oncology and genetic disease, including RLY-2608. RLY-2608 is an allosteric, pan-mutant and isoform-selective phosphoinostide 3 kinase alphas (PI3Kα), inhibitor in clinical development. It is the lead program in its efforts to discover and develop mutant selective inhibitors of PI3Kα.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Nextech Invest Increases Stake in Relay Therapeutics
- Share Acquisition: According to a SEC filing dated February 17, 2026, Nextech Invest purchased an additional 855,097 shares of Relay Therapeutics, with an estimated transaction value of approximately $6.1 million, indicating confidence in the company.
- Asset Allocation Shift: This purchase brings Relay Therapeutics to 3.9% of Nextech's reportable assets, reflecting the firm's ongoing focus on the biotech sector, even though Relay does not yet rank among its top five holdings.
- Strong Market Performance: As of March 17, 2026, Relay Therapeutics shares were priced at $9.93, marking a 197% increase over the past year, significantly outperforming the S&P 500 by 181 percentage points, showcasing its competitive edge in the market.
- Investor Attention: While Nextech's acquisition is relatively modest, its concentrated investment strategy in biotech suggests a positive outlook on Relay's potential, drawing investor interest, particularly regarding the progress of its drug development pipeline.
See More
Nextech Invest Increases Stake in Relay Therapeutics
- Increased Stake: Nextech Invest acquired an additional 855,097 shares of Relay Therapeutics, with an estimated trade value of approximately $6.1 million, reflecting its ongoing confidence in the biotech sector.
- Quarter-End Value Growth: This transaction resulted in a $19.7 million increase in Nextech's quarter-end position value, showcasing the dual impact of new share purchases and stock price movements, thereby reinforcing its position in biotech investments.
- Portfolio Analysis: Although Relay Therapeutics now holds 4,701,506 shares valued at about $39.77 million, it remains outside of Nextech's top five holdings, indicating a cautious approach in its overall investment strategy.
- Market Attention: Relay Therapeutics has nearly tripled in stock price over the past year, highlighting the potential of its computational drug discovery platform, which has drawn institutional investor interest and may serve as a significant market signal for future investors.
See More
Analysis of Growth Drivers in the Biliary Tract Cancer Market
- Market Size Growth: The biliary tract cancer market is projected to reach $1.1 billion in 2024, with the U.S. accounting for approximately 60% of this market, indicating a strong demand for new therapies in this leading region.
- Emerging Drug Launches: The introduction of new drugs such as Tinengotinib and Rilvegostomig is expected to further drive market growth, particularly in the areas of targeted therapies and immuno-oncology, enhancing treatment options for patients.
- Advancements in Diagnostic Technology: Improvements in imaging techniques like MRI, endoscopic ultrasound, and PET have enhanced the accuracy of biliary tract cancer diagnoses, enabling earlier detection and personalized treatment approaches, thereby improving patient outcomes.
- Market Dynamics in Treatment: By 2034, chemotherapy is expected to remain the primary revenue source for biliary tract cancer treatment, and the introduction of new therapies will alter the competitive landscape, fostering medical innovation and economic growth.
See More
Casdin Capital Increases Stake in Relay Therapeutics
- Share Increase: On February 17, 2026, Casdin Capital disclosed the purchase of 1,662,193 shares of Relay Therapeutics, valued at approximately $11.86 million, indicating strong confidence in the company's future prospects.
- Increased Ownership: Following this acquisition, Casdin Capital's total holdings in Relay reached 13,003,574 shares, representing 6.83% of its reportable AUM in the 13F filing, further solidifying its investment position in the biotech sector.
- Financial Performance: Relay Therapeutics reported a net loss of $276.5 million for 2025 but maintains about $555 million in cash and investments, expected to fund operations through 2029, reflecting ongoing commitment to research and development.
- Clinical Progress Expectations: Relay anticipates multiple clinical data disclosures in 2026, including Phase 1 data on PIK3CA-driven vascular anomalies, which, if successful, could enhance market recognition of its stock price.
See More
Relay Therapeutics Reports 2025 Financial Results and 2026 Milestones
- Improved Financial Performance: Relay Therapeutics reported a net loss of $54.9 million for Q4 2025, or $0.32 per share, narrowing from a net loss of $76.0 million, or $0.45 per share in Q4 2024, indicating progress in cost management.
- Significant Revenue Growth: The company achieved $7.0 million in revenue for Q4 2025, compared to none in the prior year, primarily driven by its exclusive licensing agreement with Elevar Therapeutics, highlighting important strides in commercialization efforts.
- Pipeline Advancement: Relay's pipeline includes Zovegalisib (RLY-2608), currently in Phase 3 trials, with multiple clinical readouts expected in 2026, particularly in HR+/HER2- metastatic breast cancer, potentially laying the groundwork for future commercialization.
- Strong Cash Position: As of the end of 2025, Relay had $554.5 million in cash and equivalents, expected to fund operations into 2029, demonstrating robust financial management and stability.
See More
Relay Therapeutics to Report Q4 and Full Year 2025 Financial Results on February 26
- Earnings Announcement: Relay Therapeutics is set to release its Q4 and full year 2025 financial results after U.S. market close on February 26, 2026, which is expected to provide insights into operational highlights and future outlook, potentially influencing investor confidence.
- Clinical Advancement: The company's lead asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor in clinical development, currently undergoing Phase 3 trials for HR+/HER2- metastatic breast cancer, and if successful, it could offer new treatment options for patients.
- Diverse Pipeline: In addition to zovegalisib, Relay is developing therapies for NRAS-driven solid tumors and Fabry disease, showcasing the company's broad positioning in precision medicine, which may enhance its competitive edge in the market.
- Innovative Platform: Relay's Dynamo® platform integrates cutting-edge computational and experimental approaches aimed at drugging previously intractable protein targets, and successful outcomes could solidify the company's leadership in the precision medicine sector.
See More
Nextech Invest Increases Stake in Relay Therapeutics
- Share Acquisition: According to a SEC filing dated February 17, 2026, Nextech Invest purchased an additional 855,097 shares of Relay Therapeutics, with an estimated transaction value of approximately $6.1 million, indicating confidence in the company.
- Asset Allocation Shift: This purchase brings Relay Therapeutics to 3.9% of Nextech's reportable assets, reflecting the firm's ongoing focus on the biotech sector, even though Relay does not yet rank among its top five holdings.
- Strong Market Performance: As of March 17, 2026, Relay Therapeutics shares were priced at $9.93, marking a 197% increase over the past year, significantly outperforming the S&P 500 by 181 percentage points, showcasing its competitive edge in the market.
- Investor Attention: While Nextech's acquisition is relatively modest, its concentrated investment strategy in biotech suggests a positive outlook on Relay's potential, drawing investor interest, particularly regarding the progress of its drug development pipeline.
See More
Nextech Invest Increases Stake in Relay Therapeutics
- Increased Stake: Nextech Invest acquired an additional 855,097 shares of Relay Therapeutics, with an estimated trade value of approximately $6.1 million, reflecting its ongoing confidence in the biotech sector.
- Quarter-End Value Growth: This transaction resulted in a $19.7 million increase in Nextech's quarter-end position value, showcasing the dual impact of new share purchases and stock price movements, thereby reinforcing its position in biotech investments.
- Portfolio Analysis: Although Relay Therapeutics now holds 4,701,506 shares valued at about $39.77 million, it remains outside of Nextech's top five holdings, indicating a cautious approach in its overall investment strategy.
- Market Attention: Relay Therapeutics has nearly tripled in stock price over the past year, highlighting the potential of its computational drug discovery platform, which has drawn institutional investor interest and may serve as a significant market signal for future investors.
See More
Analysis of Growth Drivers in the Biliary Tract Cancer Market
- Market Size Growth: The biliary tract cancer market is projected to reach $1.1 billion in 2024, with the U.S. accounting for approximately 60% of this market, indicating a strong demand for new therapies in this leading region.
- Emerging Drug Launches: The introduction of new drugs such as Tinengotinib and Rilvegostomig is expected to further drive market growth, particularly in the areas of targeted therapies and immuno-oncology, enhancing treatment options for patients.
- Advancements in Diagnostic Technology: Improvements in imaging techniques like MRI, endoscopic ultrasound, and PET have enhanced the accuracy of biliary tract cancer diagnoses, enabling earlier detection and personalized treatment approaches, thereby improving patient outcomes.
- Market Dynamics in Treatment: By 2034, chemotherapy is expected to remain the primary revenue source for biliary tract cancer treatment, and the introduction of new therapies will alter the competitive landscape, fostering medical innovation and economic growth.
See More
Casdin Capital Increases Stake in Relay Therapeutics
- Share Increase: On February 17, 2026, Casdin Capital disclosed the purchase of 1,662,193 shares of Relay Therapeutics, valued at approximately $11.86 million, indicating strong confidence in the company's future prospects.
- Increased Ownership: Following this acquisition, Casdin Capital's total holdings in Relay reached 13,003,574 shares, representing 6.83% of its reportable AUM in the 13F filing, further solidifying its investment position in the biotech sector.
- Financial Performance: Relay Therapeutics reported a net loss of $276.5 million for 2025 but maintains about $555 million in cash and investments, expected to fund operations through 2029, reflecting ongoing commitment to research and development.
- Clinical Progress Expectations: Relay anticipates multiple clinical data disclosures in 2026, including Phase 1 data on PIK3CA-driven vascular anomalies, which, if successful, could enhance market recognition of its stock price.
See More
Relay Therapeutics Reports 2025 Financial Results and 2026 Milestones
- Improved Financial Performance: Relay Therapeutics reported a net loss of $54.9 million for Q4 2025, or $0.32 per share, narrowing from a net loss of $76.0 million, or $0.45 per share in Q4 2024, indicating progress in cost management.
- Significant Revenue Growth: The company achieved $7.0 million in revenue for Q4 2025, compared to none in the prior year, primarily driven by its exclusive licensing agreement with Elevar Therapeutics, highlighting important strides in commercialization efforts.
- Pipeline Advancement: Relay's pipeline includes Zovegalisib (RLY-2608), currently in Phase 3 trials, with multiple clinical readouts expected in 2026, particularly in HR+/HER2- metastatic breast cancer, potentially laying the groundwork for future commercialization.
- Strong Cash Position: As of the end of 2025, Relay had $554.5 million in cash and equivalents, expected to fund operations into 2029, demonstrating robust financial management and stability.
See More
Relay Therapeutics to Report Q4 and Full Year 2025 Financial Results on February 26
- Earnings Announcement: Relay Therapeutics is set to release its Q4 and full year 2025 financial results after U.S. market close on February 26, 2026, which is expected to provide insights into operational highlights and future outlook, potentially influencing investor confidence.
- Clinical Advancement: The company's lead asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor in clinical development, currently undergoing Phase 3 trials for HR+/HER2- metastatic breast cancer, and if successful, it could offer new treatment options for patients.
- Diverse Pipeline: In addition to zovegalisib, Relay is developing therapies for NRAS-driven solid tumors and Fabry disease, showcasing the company's broad positioning in precision medicine, which may enhance its competitive edge in the market.
- Innovative Platform: Relay's Dynamo® platform integrates cutting-edge computational and experimental approaches aimed at drugging previously intractable protein targets, and successful outcomes could solidify the company's leadership in the precision medicine sector.
See More
