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

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

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.

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.