Relay Therapeutics Stock Has Jumped 60% in a Year — And One Investor Just Bought Nearly 4 Million More Shares

RLAY +1.22%

Key Points

• New York City-based Commodore Capital increased its RLAY position by 3,650,000 shares in the third quarter.

• The transaction value represented 0.7% of Commodore's 13F AUM for the period.

• Following the buy, Commodore reported holding 17 million RLAY shares alued at $88.7 million.

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New York City-based Commodore Capital boosted its stake in Relay Therapeutics (NASDAQ:RLAY) by nearly 3.7 million shares in the third quarter, contributing to an estimated $42.6 million net position change, according to a November 14 SEC filing.

What Happened

According to a filing with the U.S. Securities and Exchange Commission dated November 14, Commodore Capital LP purchased an additional 3,650,000 shares of Relay Therapeutics (NASDAQ:RLAY) during the third quarter. The fund's position increased to 17 million shares valued at $88.7 million as of the filing period's end.

What Else to Know

Relay Therapeutics now represents 4.3% of Commodore Capital LP’s reported U.S. equity AUM.

Top holdings after the quarter:

• NASDAQ:MRUS: $331.9 million (16.2% of AUM)

• NASDAQ:NUVL: $121.1 million (5.9% of AUM)

• NASDAQ:XENE: $108.4 million (5.3% of AUM)

• NASDAQ:COGT: $104.1 million (5.1% of AUM)

• NASDAQ:ELVN: $96.1 million (4.7% of AUM)

As of Tuesday's market close, shares of Relay Therapeutics were priced at $7.49, up 60% over the past year and well outperforming the S&P 500, which is up 13% in the same period.

Company Overview

Metric

Value

Price (as of market close Tuesday)

$7.49

Market Capitalization

$1.3 billion

Revenue (TTM)

$8.4 million

Net Income (TTM)

($297.6 million)

Company Snapshot

Relay Therapeutics, Inc. is a clinical-stage biotechnology company leveraging computational and structural biology to accelerate the development of precision medicines. Mores specifically, it develops precision small molecule therapeutics, with lead candidates targeting FGFR2-altered tumors, mutant-PI3Ka, and SHP2-driven cancers. The company’s pipeline includes multiple candidates in clinical trials, targeting high-value oncology and genetic disease indications. Strategic collaborations and proprietary technology position Relay Therapeutics to address unmet needs in targeted therapies.

Foolish Take

A major buyer stepping into a still-unprofitable clinical-stage biotech is a notable bet on execution—and Relay Therapeutics is finally showing signs of steadier footing. The company tightened expenses in 2025, cut its quarterly net loss to $74.1 million from $88.1 million a year earlier, and reaffirmed that its $596 million cash pile should fund operations into 2029. That improving runway, alongside progress in three of the firm's RLY-2608 trials in breast cancer and vascular malformations, appears to be drawing renewed institutional interest.According to a November 14 filing, Commodore Capital lifted its Relay position by 3.65 million shares in Q3, bringing the fund’s total to 17 million shares valued at $88.7 million. Relay now accounts for 4.3% of its U.S. equity book—modest relative to top holdings like Merus and Nuvalent but meaningful for a fund concentrated in high-conviction biotech names.Even after a 60% rally in the past year, Relay shares remain nearly 90% below 2021 highs, underscoring just how volatile early-stage therapeutics can be. For long-term investors, the key question is whether the company’s streamlined R&D spend and advancing late-stage trials can convert pipeline promise into durable value.

Glossary

LP (Limited Partnership): An investment structure where general partners manage the fund and limited partners provide capital.13F AUM: Assets under management reported by institutional investment managers in quarterly SEC Form 13F filings.Net position change: The difference in the value of a fund's holdings after buying or selling securities during a period.Post-trade stake: The total number of shares held by an investor after completing a transaction.AUM (Assets Under Management): The total market value of investments managed by a fund or institution.Top holdings: The largest investments in a fund's portfolio, typically ranked by market value.Clinical-stage biotechnology: A biotech company focused on developing drug candidates currently being tested in human clinical trials.Precision small molecule therapeutics: Drugs designed to target specific disease-related molecules, improving treatment effectiveness and minimizing side effects.FGFR2-altered tumors: Cancers with changes in the FGFR2 gene, which can drive tumor growth.Computational modeling: Using computer simulations to predict and analyze biological or chemical processes in drug development.Strategic collaborations: Partnerships between companies to share resources, expertise, or technology for mutual benefit.TTM: The 12-month period ending with the most recent quarterly report.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Relay Therapeutics Stock Has Jumped 60% in a Year — And One Investor Just Bought Nearly 4 Million More Shares was originally published by The Motley Fool