Relay Therapeutics Gets Oppenheimer Boost: Analysts See 96% Upside Potential

On January 26, 2026, Oppenheimer made a significant move by raising its rating on Relay Therapeutics (RLAY) from Perform to Outperform. This upgrade signals growing confidence in the biotech company’s prospects and reflects a broader shift in how Wall Street views the company’s near-term potential.

What Is Relay Therapeutics and Why the Upgrade?

Relay Therapeutics is a clinical-stage biopharmaceutical company focused on developing innovative therapies. The Oppenheimer upgrade reflects analyst optimism about the company’s pipeline and commercial trajectory. By shifting to an Outperform stance, the firm is essentially signaling that the stock should outpace market benchmarks in the coming period.

Price Targets Suggest Significant Gains Ahead

As of January 14, 2026, Wall Street consensus has painted an optimistic picture. The average one-year price target for Relay Therapeutics stands at $14.89 per share, representing potential gains of 96.21% from the recent closing price of $7.59. Analyst forecasts span a wide range—from $12.12 on the conservative end to $19.95 at the bullish extreme—indicating debate about the company’s valuation.

Beyond the stock itself, analysts project the company’s annual revenue will reach approximately 65 million dollars, a substantial jump of 675.66% from current levels. However, the projected non-GAAP EPS remains negative at -2.68, a reminder that profitability remains ahead rather than immediate.

Market Positioning Signals Strong Institutional Conviction

The appetite from Wall Street’s largest players tells an interesting story. Approximately 375 funds and institutions have reported positions in Relay Therapeutics. While this represents a slight decrease of 28 owners compared to the prior quarter, the average portfolio allocation actually increased by 6.63%, suggesting that remaining investors are doubling down. Institutional holdings currently total 179.79 million shares, though this declined 4.10% over the past three months.

The put/call ratio of 0.12 reflects a distinctly bullish market sentiment, with call buyers significantly outnumbering put buyers—a classic signal of investor optimism about upward price movement.

Top Shareholders Boost Their Stakes in the Company

Several major institutional players have significantly increased their conviction on Relay Therapeutics. Sb Investment Advisers remains the largest holder with 27.9 million shares (16.10% ownership), maintaining its position with no changes during the quarter. However, other major players showed more aggressive moves.

Commodore Capital expanded its stake from 13.35 million to 17 million shares, representing a 21.47% increase and a 32.87% boost to its overall portfolio weighting in the company. Point72 Asset Management similarly increased its position from 13.45 million to 14.77 million shares (8.99% more) while boosting its portfolio allocation by 41.31%.

Casdin Capital holds 11.34 million shares (6.54% of the company), a slight 0.50% decrease in share count, yet the firm still increased its portfolio weight by 37.45%—reflecting a more aggressive positioning relative to its other holdings. Bellevue Group rounds out the major players with 8.35 million shares (4.82% ownership), up 1.37% sequentially, and similarly increased its portfolio allocation by 44.21%.

The Bottom Line

The combination of Oppenheimer’s upgrade, analysts’ 96% upside target, and the coordinated increase in institutional positioning suggests Relay Therapeutics has captured meaningful attention from sophisticated investors. Whether these positions ultimately prove prescient remains to be seen, but the current data shows institutional investors are willing to bet significantly on the biotech company’s future direction.