Bank of America Corp DE Buys 384,486 Shares of Recursion Pharmaceuticals, Inc. $RXRX

Key Points

• Bank of America increased its Recursion Pharmaceuticals stake by 18.2%, purchasing 384,486 additional shares and ending the quarter with 2.50 million shares worth approximately $7.7 million. Institutional investors collectively own 89.06% of the company.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $8.06. Recent ratings ranged from Needham’s “Buy” to Wall Street Zen and Weiss Ratings’ “Sell” recommendations.
• Recursion reported a quarterly loss of $0.25 per share and revenue of $7.67 million, missing analyst expectations for both measures. Insiders sold shares during the quarter, while the stock was trading around $3.56, well below its 12-month high of $7.18.

Bank of America Corp DE grew its position in shares of Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX - Free Report) by 18.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,496,831 shares of the company's stock after buying an additional 384,486 shares during the period. Bank of America Corp DE owned 0.47% of Recursion Pharmaceuticals worth $7,665,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Recursion Pharmaceuticals by 18.6% in the 4th quarter. Vanguard Group Inc. now owns 47,187,759 shares of the company's stock worth $192,998,000 after acquiring an additional 7,407,606 shares during the last quarter. State Street Corp grew its position in Recursion Pharmaceuticals by 38.7% during the 4th quarter. State Street Corp now owns 25,333,888 shares of the company's stock worth $103,616,000 after acquiring an additional 7,064,963 shares during the last quarter. Norges Bank bought a new position in Recursion Pharmaceuticals during the 4th quarter worth approximately $23,473,000. ARK Investment Management LLC increased its stake in Recursion Pharmaceuticals by 11.2% in the 4th quarter. ARK Investment Management LLC now owns 37,316,856 shares of the company's stock worth $152,626,000 after purchasing an additional 3,771,357 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Recursion Pharmaceuticals during the 1st quarter valued at $7,370,000. Institutional investors own 89.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $8.00 target price on shares of Recursion Pharmaceuticals in a research report on Thursday, May 7th. JPMorgan Chase & Co. cut their price target on Recursion Pharmaceuticals from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, April 30th. Wall Street Zen lowered Recursion Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Morgan Stanley set a $5.30 price objective on Recursion Pharmaceuticals in a report on Monday, August 17th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Recursion Pharmaceuticals in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Recursion Pharmaceuticals has a consensus rating of "Hold" and an average price target of $8.06.

Recursion Pharmaceuticals Trading Up 9.5%

Shares of Recursion Pharmaceuticals stock opened at $3.56 on Wednesday. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.01. Recursion Pharmaceuticals, Inc. has a twelve month low of $2.77 and a twelve month high of $7.18. The firm has a market capitalization of $1.91 billion, a PE ratio of -3.42 and a beta of 1.03. The firm's 50-day moving average price is $3.30 and its 200 day moving average price is $3.35.

Recursion Pharmaceuticals (NASDAQ:RXRX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $7.67 million for the quarter, compared to analysts' expectations of $10.97 million. Recursion Pharmaceuticals had a negative return on equity of 50.41% and a negative net margin of 945.94%.During the same quarter last year, the firm posted ($0.41) earnings per share. On average, sell-side analysts predict that Recursion Pharmaceuticals, Inc. will post -0.92 EPS for the current fiscal year.

Insider Activity at Recursion Pharmaceuticals

In related news, CEO Najat Khan sold 23,588 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $3.58, for a total value of $84,445.04. Following the completion of the transaction, the chief executive officer directly owned 2,175,796 shares of the company's stock, valued at approximately $7,789,349.68. This represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Blake Borgeson sold 30,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $3.25, for a total value of $97,500.00. Following the completion of the transaction, the director owned 6,188,287 shares in the company, valued at $20,111,932.75. The trade was a 0.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 131,937 shares of company stock valued at $478,874 over the last quarter. 6.65% of the stock is owned by company insiders.

About Recursion Pharmaceuticals

Recursion Pharmaceuticals, Inc NASDAQ: RXRX is a biopharmaceutical company that combines advanced automation, artificial intelligence and high-throughput biology to discover and develop novel therapeutics. The company's proprietary platform integrates deep-learning algorithms with large-scale cellular imaging and chemical biology, enabling the rapid identification of potential drug candidates across a range of indications. By automating complex laboratory workflows and leveraging computational models, Recursion aims to accelerate the drug discovery process and expand the scope of targets that can be addressed.

At the core of Recursion's offering is its digital biology platform, which captures billions of cell images under varying chemical and genetic perturbations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source