Relay Therapeutics Stock Positioned for Growth Following Oppenheimer's Bullish Upgrade and Relay Price Target Hike

On January 26, 2026, Oppenheimer upgraded its outlook for Relay Therapeutics (RLAY), boosting the rating from Perform to Outperform. This significant move reflects growing confidence in the biotech firm’s trajectory and comes as the relay price continues to attract institutional interest across major investment portfolios.

The upgrade coincides with a substantial reassessment of the company’s valuation potential. Analysts have set an ambitious relay price target that suggests meaningful room for appreciation in the near term, signaling confidence in both the company’s near-term prospects and long-term strategic direction.

Analyst Price Target Reveals 96% Upside Potential

As of mid-January 2026, Wall Street consensus on Relay Therapeutics has become decidedly optimistic. The average one-year price target stands at $14.89 per share, with forecasts ranging from a conservative $12.12 to an ambitious $19.95. Based on the stock’s closing price of $7.59 per share, this represents a potential gain of 96.21%—among the most significant upside projections in the biotech sector.

Notably, the relay price target upside reflects more than just near-term momentum. Analysts project annual revenue growth of 675.66%, reaching 65 million dollars, while projecting a non-GAAP EPS of -2.68. This combination of revenue acceleration paired with normalized losses suggests a company in a critical growth phase, where top-line expansion is prioritized over near-term profitability.

Institutional Investors Strengthen Conviction with Increased Stakes

The institutional investment landscape around RLAY reveals a powerful consensus. As of the latest quarterly reporting, 375 funds and institutions maintain positions in Relay Therapeutics—though this represents a net decrease of 28 owners compared to the prior period. However, this consolidation masks a more bullish underlying trend: the average portfolio weight dedicated to RLAY across all funds has increased by 6.63% to 0.08%, indicating that existing holders are doubling down.

More tellingly, the market sentiment indicator—the put/call ratio—sits at just 0.12, a decidedly bullish signal that traders expect positive price movement ahead.

Major Institutional Players Signal Strong Conviction

Several heavyweight investors have significantly increased their exposure to Relay Therapeutics, suggesting high-level confidence in the relay price momentum:

Sb Investment Advisers remains the largest institutional holder, maintaining 27.91 million shares representing 16.10% ownership with no changes in the recent quarter.

Commodore Capital has emerged as an aggressive buyer, increasing its stake by 21.47% to 17 million shares (9.81% ownership). The firm simultaneously boosted its portfolio allocation weight by 32.87% over the quarter, signaling deliberate capital concentration in RLAY.

Point72 Asset Management increased holdings by 8.99% to approximately 14.77 million shares (8.52% ownership), while ramping up its portfolio allocation by 41.31%—the largest proportional increase among tracked holders.

Casdin Capital holds 11.34 million shares (6.54% ownership), maintaining near-flat share counts but increasing portfolio allocation by 37.45%, reflecting strategic repositioning within its broader investment mandates.

Bellevue Group rounded out the top institutional holders with 8.35 million shares (4.82% ownership), while increasing its allocation weight by 44.21%—the most aggressive portfolio rebalancing among the major positions.

The Confluence of Catalysts

The combination of Oppenheimer’s upgrade, the substantial relay price target upside, and the coordinated institutional accumulation suggests a compelling investment thesis taking shape. When major sophisticated investors increase allocations simultaneously while analysts raise targets, it often reflects genuine conviction rather than mere speculation. For investors monitoring Relay Therapeutics, the current environment appears conducive to further appreciation as the company executes on its revenue growth trajectory.