Oppenheimer Raises Rating on Relay Therapeutics: What the Numbers Tell Us

On January 26, 2026, Oppenheimer made a significant move in the biotech sector by upgrading its outlook on Relay Therapeutics from a neutral “Perform” stance to a more bullish “Outperform” rating. This shift reflects growing confidence in the company’s trajectory and signals potential value for investors. According to Fintel’s research platform, this upgrade carries substantial implications for market positioning and fund sentiment around the Nasdaq-listed company.

Significant Upside Potential: What Oppenheimer’s Analysis Reveals

The upgrade comes with ambitious price targets. As of January 14, 2026, analysts tracking Relay Therapeutics project an average one-year price target of $14.89 per share, representing potential upside of 96.21% from its closing price of $7.59. The forecasts show a wide range, from a conservative $12.12 to an optimistic $19.95, suggesting varying degrees of confidence among analysts about the company’s near-term performance.

Beyond current valuations, the forward-looking revenue projections paint an intriguing picture. Analysts anticipate annual revenue reaching 65MM—a dramatic 675.66% increase—though the company faces challenges with a projected non-GAAP EPS of -2.68. This divergence between revenue expansion and profitability metrics highlights a growth-stage company narrative that Oppenheimer and peers are banking on.

Institutional Money Flows Into RLAY Amid Positive Sentiment

The Oppenheimer upgrade reflects broader institutional enthusiasm for Relay Therapeutics. Currently, 375 funds and institutions report positions in the company, though this represents a slight decrease of 28 owners from the prior quarter. The average portfolio allocation to RLAY stands at 0.08%, but notably increased 6.63% quarter-over-quarter, suggesting that existing holders are raising their bets despite fewer funds in the game.

Institutional confidence is further supported by technical indicators—the put/call ratio of 0.12 indicates a decidedly bullish outlook from options traders, signaling market participants expect upward momentum. Total institutional shareholdings decreased marginally by 4.10% to 179.79 million shares, yet this modest decline masks more aggressive positioning among key players.

Major Investors Double Down on Relay Holdings

The institutional ownership data reveals exactly who’s backing this Oppenheimer thesis. Sb Investment Advisers maintains the largest stake with 27.9 million shares representing 16.10% ownership, unchanged from the prior quarter. More tellingly, several major players significantly increased their exposure.

Commodore Capital bolstered its position by 21.47%, now holding 17 million shares (9.81% of the company), and simultaneously raised its portfolio allocation to RLAY by 32.87%. Point72 Asset Management added 8.99% to its holdings, reaching 14.77 million shares with an even more aggressive 41.31% portfolio reallocation. Casdin Capital and Bellevue Group similarly increased their allocations by 37.45% and 44.21% respectively, despite mixed changes in absolute share counts.

This coordinated increase in portfolio weighting—even as some absolute holdings fluctuated—suggests sophisticated investors are signaling confidence in Relay’s medium-term prospects, aligning with Oppenheimer’s bullish reassessment of the company’s outlook.