Relay Therapeutics Stock Up 235% This Past Year as One Fund Lifts Bet to $110 Million

On February 17, 2026, Casdin Capital disclosed a buy of 1,662,193 shares of Relay Therapeutics (RLAY +18.78%), an estimated $11.86 million trade based on quarterly average pricing, in its Form 13F filing.

What happened

According to an SEC filing dated February 17, 2026, Casdin Capital increased its holding in Relay Therapeutics by 1,662,193 shares, bringing its total to 13,003,574 shares. The estimated transaction value was $11.86 million, calculated using the quarterly average share price. The quarter-end value of the position increased by $50.81 million, a figure that reflects both additional purchases and stock price movements during the period.

What else to know

• The buy activity brings Relay Therapeutics to 6.83% of Casdin Capital’s 13F reportable AUM after the quarter.
• Top holdings after the filing:
  • NASDAQ: WGS: $391.11 million (24.3% of AUM)
  • NASDAQ: RVMD: $205.28 million (12.8% of AUM)
  • NASDAQ: BLFS: $144.04 million (8.9% of AUM)
  • NASDAQ: LAB: $113.64 million (7.1% of AUM)
  • NASDAQ:RLAY: $110.01 million (6.8% of AUM)
• As of Friday, RLAY shares were priced at $10.95, up 235% over the past year and vastly outperforming the S&P 500’s roughly 15% gain in the same period.

Company overview

Company snapshot

• Relay develops precision medicines with a focus on small molecule therapeutics for targeted oncology and genetic diseases, including lead candidates RLY-4008, RLY-2608, and RLY-1971.
• The firm operates a clinical-stage biotechnology model, generating revenue primarily through collaboration and license agreements with partners such as D. E. Shaw Research and Genentech.
• It serves pharmaceutical companies and healthcare providers focused on advanced solid tumor treatments and genetic disease therapies.

Relay Therapeutics is a clinical-stage biotechnology company specializing in the discovery and development of precision medicines for oncology and genetic diseases. The company’s strategy leverages advanced computational modeling and partnerships to accelerate the development of small-molecule therapies targeting key disease pathways. Relay’s approach includes proprietary protein motion analysis and a pipeline of novel drug candidates.

What this transaction means for investors

Momentum in biotech can be fleeting, but adding to a position amid a stunning stock run suggests conviction that upcoming clinical catalysts still are not fully reflected in the price.

Relay enters 2026 with several swing factors. Management expects multiple data disclosures this year, including Phase 1 data in PIK3CA driven vascular anomalies and updates on breast cancer triplet strategies tied to its lead asset, zovegalisib. The drug is already in a Phase 3 trial for HR positive, HER2 negative metastatic breast cancer.

Financially, Relay finished 2025 with about $555 million in cash, cash equivalents and investments and expects that capital to fund operations into 2029. Meanwhile, the full-year net loss totaled $276.5 million as research spending remained elevated.

Within a portfolio concentrated in innovative biotech names, the position ranks among the larger holdings. And for long-term investors, the thesis hinges less on last year’s stock chart and more on execution. If 2026 milestones validate the Phase 3 strategy and expand into genetic disease, today’s add could look like disciplined sizing ahead of potential value inflection.