Cancer Drug Stocks Surge 8% as FDA Designates Breakthrough Therapy

Relay Therapeutics Inc. (NASDAQ: RLAY) saw its shares climb 8.19% to $13.47 on Nasdaq, with 3.55 million shares traded. Its market capitalization rose by about $215 million (roughly KRW 320 billion) in a single day to approximately $2.4 billion (around KRW 3.6 trillion).

The company is developing zovegalisib (RLY-2608), an oral PI3Kα inhibitor, in combination with fulvestrant. After receiving Breakthrough Therapy designation from the U.S. Food and Drug Administration for this indication, investor interest accelerated when Phase 1/2 data presented at ESMO TAT 2026 showed meaningful improvements in progression-free survival (PFS) and overall response rate (ORR).

Relay Therapeutics leverages a high-speed computational drug-discovery platform to develop precision-medicine oncology therapies. Its pipeline includes zovegalisib for PI3Kα-mutant, hormone receptor-positive/HER2-negative breast cancer and RLY-4008, an FGFR2-selective candidate. As a clinical-stage biotech, its stock volatility is driven more by upcoming Phase III milestones and regulatory events than by current revenues.