Relay Therapeutics’s Stock Sprints Out of the Gate

Shares of Relay Therapeutics Inc. (RLAY) sprinted out of the gate Thursday, after the clinical-stage oncology company’s upsized initial public offering priced above the expected range…

The first trade was at $35.00 at 11:59 a.m. Eastern for 1.5 million shares, or 75% above the $20 IPO price.

On Wednesday, the company said said it was selling 20 million shares in the IPO, which was expected price between $18 and $19 a share, compared with previous plans to sell 14.7 million shares at between $16 to $18 a share.

At the IPO price, the company raised $400 million and was valued at $1.74 billion. The company went public at a time that…

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