Relay Therapeutics

RLAY · NASDAQ

$18.45+$1.36 (+7.96%)TodayMarket closed · Oct 20, 7:53 PM ET

Prev close $17.09

RLAY analyst rating

BuyConsensus of 11 analysts over the last 12 months. 91% rate it a buy.

Strong buy1
Buy9
Hold1
Underperform0
Sell0

12-month price target · 14 analysts

Average $27.82 (+50.8% upside)

Low: $20.20
Now: $18.45
High: $33.60

Upgrades and downgrades

The latest rating actions, newest first

RLAY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Aug 20, 2026	Maintains	Buy	$28.00 → $29.00	41%
JP Morgan	Aug 14, 2026	Maintains	Overweight	$28.00 → $31.00	18%
Citizens	Aug 10, 2026	Maintains	Market Outperform	$21.00 → $26.00	14%
Barclays	Aug 7, 2026	Maintains	Overweight	$27.00 → $30.00	46%
Goldman Sachs	Jul 21, 2026	Maintains	Buy	$22.00 → $31.00	47%
Canaccord Genuity	Jul 16, 2026	Initiates	Buy	$29.00	35%
JP Morgan	Jul 8, 2026	Initiates	Overweight	$28.00	18%
Guggenheim	May 26, 2026	Maintains	Buy	$22.00 → $26.00	46%
HC Wainwright & Co.	May 26, 2026	Maintains	Buy	$25.00 → $28.00	41%
Barclays	May 20, 2026	Maintains	Overweight	$21.00 → $27.00	46%

The case for and against

Updated Oct 15, 2026

Bull case

Relay Therapeutics is attractive because its Dynamo platform is targeting historically hard-to-drug proteins, supporting a differentiated pipeline in precision oncology and genetic disease with programs like RLY-8186, RLY-2608, and RLY-4008. The investment case is strengthened by zovegalisib’s strong clinical momentum in vascular anomalies, including initial positive Phase 1/2 ReInspire data, an anticipated regulatory/data update by end-2026, and meaningful breast cancer progress such as a pooled dataset of 109 patients, about 40% of Phase 3 size. Financially, the company ended 2Q26 with $910.9 million in cash and a 24.51% short interest in the public float, creating runway into 2029 and a compelling setup if upcoming catalysts validate the thesis.

Bear case

Relay Therapeutics is viewed negatively because its value remains heavily dependent on a DCF model that assumes a 75% probability of approval for zovegalisib, yet the company still faces substantial clinical, regulatory, and competitive uncertainty across its pipeline. The core downside is that drug development can fail at any stage, later-stage setbacks or approval delays could impair commercialization, and its assets may not show sufficient efficacy or safety to justify success. On top of that, the expectation that it may need additional equity financing to fund development creates meaningful dilution risk for shareholders.

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