RXRX - Why Recursion Pharmaceuticals Stock Dived by Nearly 17% Today
2024-02-28 18:44:00 ET
Recursion Pharmaceuticals (NASDAQ: RXRX) couldn't get over the hump of Hump Day. Following the release of the next-generation biotech's latest set of quarterly and annual results, investors traded out of its stock, to the point where the shares lost almost 17% of their value. That was a far steeper decline than the 0.2% slump of the bellwether S&P 500 index.
Recursion had been a fairly popular biotech stock, due to its significant use of artificial intelligence (AI) functions to discover new drugs. However, those results put quite a damper on sentiment. That's because the company earned only $10.9 million in revenue, while the consensus analyst estimate was a far higher $19.9 million.
On a slightly brighter note, Recursion beat on the bottom line, with a net loss just shy of $93 million, or $0.42 per share. Those prognosticators were collectively modeling a $0.46 per-share deficit.
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Why Recursion Pharmaceuticals Stock Dived by Nearly 17% Today