Held by 4 specialist biotech funds
High Convergence# Signal Note: Perceptive Advisors Initiates RLAY Position Edelman's $16.1M stake in Relay suggests conviction in the company's pipeline of allosteric kinase inhibitors, particularly RLY-1460 (EGFR-mutant NSCLC) and RLY-4008 (neurofibromatosis type 1), with near-term catalysts expected from ongoing Phase 2 studies through 2024-2025.
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## Signal Note: Baker Bros. Initiates Large Position in Relay Therapeutics (RLAY) **Note: The reported position value of ~$9.8B appears to be a data error — RLAY's entire market cap is roughly $1.2-1.5B. A 1.16M share stake at recent prices (~$8-9/share) would be worth approximately $9-10M, making this a modest but notable new position.** Baker Bros. opening a new position in RLAY is directionally significant given their concentrated, conviction-driven approach to biotech. Relay's lead asset is **RLY-2608**, a mutant-selective PI3Kα inhibitor in Phase 2 for **PIK3CA-mutant HR+/HER2- breast cancer**, with updated clinical data expected in 2025 that could de-risk the program against competitors (
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