Relay Therapeutics' stock plummeted 6.15% during intraday trading on Wednesday, extending losses from the previous session's post-market decline.

The sharp drop appears to be a continuation of negative investor sentiment following the company's first-quarter 2026 financial results. Relay Therapeutics reported a quarterly loss of $0.41 per diluted share, which narrowed from $0.46 a year earlier but missed the analyst consensus estimate of a $0.37 loss. Revenue for the quarter was $3 million, representing a significant 60.9% decline from the $7.7 million reported in the same period last year.

Despite receiving a Buy rating and $18 price target from Oppenheimer analyst Matthew Biegler earlier in the session, investors focused on the earnings miss and substantial year-over-year revenue drop, driving the stock lower throughout the trading day.