Norges Bank Buys Shares of 3,169,938 Recursion Pharmaceuticals, Inc. $RXRX

Key Points

• Norges Bank bought a new position of 3,169,938 shares in Recursion Pharmaceuticals worth about $16.04 million, representing roughly 0.78% of the company.
• Recursion reported Q results with EPS of ($0.36) (beat by $0.02) but revenue plunged 80.1% YoY to $5.18 million versus $19.36 million expected, leaving the company deeply unprofitable.
• Director Blake Borgeson sold 220,000 shares at an average $4.37 for $961,400, cutting his stake by 3.1%; insiders now own about 8.43% of the stock.

Norges Bank purchased a new position in shares of Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 3,169,938 shares of the company's stock, valued at approximately $16,040,000. Norges Bank owned about 0.78% of Recursion Pharmaceuticals at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. TD Waterhouse Canada Inc. raised its holdings in Recursion Pharmaceuticals by 64.1% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,631 shares of the company's stock worth $29,000 after purchasing an additional 2,200 shares during the period. AlphaQuest LLC bought a new position in shares of Recursion Pharmaceuticals in the first quarter worth about $36,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Recursion Pharmaceuticals by 97.2% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 9,019 shares of the company's stock valued at $46,000 after buying an additional 4,446 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Recursion Pharmaceuticals during the 2nd quarter valued at about $51,000. Finally, Onyx Bridge Wealth Group LLC bought a new position in shares of Recursion Pharmaceuticals during the 2nd quarter valued at approximately $58,000. Institutional investors own 89.06% of the company's stock.

Insider Buying and Selling

In other Recursion Pharmaceuticals news, Director Blake Borgeson sold 220,000 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $4.37, for a total transaction of $961,400.00. Following the completion of the transaction, the director owned 6,869,863 shares of the company's stock, valued at $30,021,301.31. This represents a 3.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.43% of the stock is currently owned by insiders.

Recursion Pharmaceuticals Trading Up 2.3%

RXRX stock opened at $4.82 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.60 and a quick ratio of 4.60. Recursion Pharmaceuticals, Inc. has a 1-year low of $3.79 and a 1-year high of $12.36. The business has a 50 day simple moving average of $5.13 and a two-hundred day simple moving average of $5.13. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -2.68 and a beta of 0.94.

Recursion Pharmaceuticals (NASDAQ:RXRX - Get Free Report) last released its earnings results on Wednesday, November 5th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.02. Recursion Pharmaceuticals had a negative net margin of 1,637.81% and a negative return on equity of 72.74%. The firm had revenue of $5.18 million for the quarter, compared to the consensus estimate of $19.36 million. During the same quarter in the previous year, the firm earned ($0.34) earnings per share. The company's quarterly revenue was down 80.1% compared to the same quarter last year. Research analysts anticipate that Recursion Pharmaceuticals, Inc. will post -1.57 EPS for the current fiscal year.

Analysts Set New Price Targets

RXRX has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Recursion Pharmaceuticals in a research note on Wednesday, October 8th. Needham & Company LLC restated a "buy" rating and set a $8.00 price objective on shares of Recursion Pharmaceuticals in a research report on Thursday, September 11th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $7.25.

About Recursion Pharmaceuticals

Recursion Pharmaceuticals, Inc operates as a clinical-stage biotechnology company, engages in the decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering to industrialize drug discovery. The company develops REC-994, which is in Phase 2 clinical trial to treat cerebral cavernous malformation; REC-2282, which is in Phase 2/3 clinical trial for the treatment of neurofibromatosis type 2; REC-4881, which is in Phase 1b/2 clinical trial to treat familial adenomatous polyposis; REC-3964, which is in Phase 1 clinical trial to treat Clostridioides difficile infection; and REC-4881, which is in Phase 2 clinical trial to treat AXIN1 or APC mutant cancers.

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