What’s Going On With Recursion Pharmaceuticals Stock Tuesday?
Recursion Pharmaceuticals Inc RXRX shares are trading lower after the market close on Tuesday following the company’s quarterly results. Here’s a rundown of the report.
What Happened: Recursion reported fourth-quarter revenue of $10.89 million, which missed the consensus estimate of $20.35 million. The clinical stage biotech company reported a quarterly loss of 42 cents per share, which beat estimates for a loss of 44 cents per share.
Recursion said it ended the quarter with $391.6 million in cash and cash equivalents.
“As we have watched the dynamics of our landscape, it appears that BioTech is increasingly evolving into TechBio, where it is imperative for life science companies to embrace digital nativity similar to how SaaS companies 10+ years ago evolved to being cloud-native in order to thrive,” said Chris Gibson, co-founder and CEO of Recursion.
“In this data-driven age, we believe the most important differentiator will be connected data in order to increasingly understand and treat the complexities of human disease. Recursion plans to continue leading the field in terms of data generation and aggregation.”
The company scheduled its annual shareholder meeting for June 3. An earnings call to discuss these results kicked off at 5 p.m. ET.
It’s also worth noting that Nvidia reported investments in multiple companies in a 13-F filing with the SEC earlier this month. Recursion Pharmaceuticals was among the names listed. According to the filing, the company is Nvidia’s second-largest investment after Arm Holdings.
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RXRX Price Action: Recursion shares were down 13.99% after hours at $13.35 at the time of publication, according to Benzinga Pro.
Photo: PublicDomainPictures from Pixabay.
