Recursion Pharmaceuticals Inc. (NASDAQ:RXRX) experienced a dip in its stock price by 3.9% following the news of insider selling activity. Shares traded as low as $8.35 and had a last trading value of $8.43 with a volume of 724,610 shares being exchanged; a significant decrease of 49% from the average session volume of 1,433,050 shares. Earlier that day, director Blake Borgeson sold almost 9,000 shares which amounted to a total value of over $74,000. Following the sale, Borgeson’s shares are now priced at around $63 million approximately.
The biotechnology firm has recently been developing REC-994 for Phase IIa clinical trials aimed at treating cerebral cavernous malformation among other treatments such as REC-2282 for neurofibromatosis type 2 and REC-4881 for familial adenomatous polyposis. It operates on decoding biology by integrating various technological innovations from data science and engineering to chemistry and automation.
Equities research analysts have commented positively on Recursion Pharmaceutical’s stock; Needham & Company LLC gave it a “buy” rating along with a projected target price of $17 per share while Morgan Stanley issued an “equal weight” rating alongside an $8 price objective. Bloomberg reports suggest that Recursion Pharmaceuticals currently holds an average rating of “Hold” and an average target price estimate at around $12.40.
On May 8th this year, Recursion Pharmaceuticals announced its quarterly earnings results in which they reported ($0.34) EPS for the quarter which exceeded analyst estimates by one cent despite not meeting revenue estimates at $12.13 million instead of $15.93 million; however, analysts predict that Recursion Pharmaceuticals will accumulate -1.41 EPS for the current fiscal year.
Despite the recent insider selling brief unsettling activity within the company’s stock market performance, experts have suggested that Recursion Pharmaceuticals hold strong potential in delivering favorable returns to its investors.
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Recent Market Movements for Recursion Pharmaceuticals
On June 4, 2023, the financial world witnessed an upheaval in the stocks of Recursion Pharmaceuticals. The company saw a surge in investors as a number of institutional investors and hedge funds made significant modifications to their holdings of RXRX. This sudden market movement was led by Accel Wealth Management, who recently purchased a new position in shares of the pharmaceutical giant for approximately $41,000 during the first quarter.
CWM LLC also made headlines as they raised their position in Recursion Pharmaceuticals by an astonishing 1,888.7% during the same quarter. The firm now owns more than six thousand shares of RXRX’s stock valued at $41,000 after purchasing an additional 5,836 shares in the last quarter.
Daiwa Securities Group Inc. also made noteworthy alterations to its holdings of Recursion Pharmaceuticals during the fourth quarter. The firm increased its position by a staggering 1,029.8%, owning now over six thousand shares worth $53,000.
Amundi made significant strides during this period as well. As per reports released on June 4th, Amundi raised its position in Recursion Pharmaceuticals by 69.6%. This takes their current position to owning just over seven thousand shares valued at $57,000.
Finally, Rockefeller Capital Management L.P., one of the most powerful and influential hedge funds today increased its stake in shares of Recursion Pharmaceuticals by 23.2% during this time period alone. They own over seven thousand three hundred and nineteen shares in RXRX’s stock with a combined value of approximately $77,000 after buying an additional one thousand three hundred and seventy-eight shares during this period.
As it stands now, around 63 percent (63.62%) of Recursion Pharmaceutical’s stocks are currently owned by hedge funds and other institutional investors making it one of the most sought-after choices for investment currently available on Wall Street.
Overall, these recent modifications and fluctuations within the finance world show us that Recursion Pharmaceuticals is a popular choice for investors, attracting some of the most powerful institutions in the market. This is undoubtedly due to its steady growth, strong economic viability, and its ongoing contribution to advanced medical research.
