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Recursion (RXRX) Up on $50M NVDA Investment for AI Drug Discovery
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RecursionPharmaceuticals (RXRX - Free Report) announced a significant investment worth $50 million from NVIDIA Corporation (NVDA - Free Report) , a renowned technology company specializing in accelerated computing. This investment will greatly boost Recursion's research and development work on AI (artificial intelligence) models for biology and chemistry. Shares of RXRX surged almost 78% on Jul 13, following the news.
The funding was made as a private investment in public equity. Recursion's proprietary biological and chemical dataset is a massive resource that exceeds 23 petabytes and contains more than 3 trillion searchable gene and compound relationships.
The goal is to commercialize and license these AI models through BioNeMo, NVDA's cloud service for generative AI in drug development.
By combining RXRX's extensive dataset with NVDA's accelerated computing capabilities, the companies aim to develop groundbreaking AI models for drug discovery.
Recursion's shares have rallied 56.6% year to date against the industry’s 3.1% decline.
Image Source: Zacks Investment Research
This collaboration will not only help Recursion in advancing its internal pipeline but also benefit its current and future partners.
In May 2023, the company signed two agreements to acquire Cyclica and Valence in the AI-enabled drug discovery space. It aims to accelerate the development of new technologies to advance drug discovery in the biopharma industry.
Recursion's internal pipeline includes candidates developed in clinical and preclinical studies for genetically-driven rare diseases and oncology with significant unmet needs and market opportunities.
Its oncology candidate, REC-994, is being evaluated in the mid-stage SYCAMORE study to treat cerebral cavernous malformation. The company expects to share top-line data from the study in 2024.
Recursion Pharmaceuticals, Inc. Price and Consensus
Recursion currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the overall healthcare sector are Akero Therapeutics (AKRO - Free Report) and Omega Therapeutics (OMGA - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Akero Therapeutics has narrowed from a loss of $2.92 per share to a loss of $2.80 for 2023 in the past 90 days. The company's shares have nosedived 18.2% year to date.
AKRO’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.13%.
The consensus mark for Omega Therapeutics has narrowed from a loss of $2.49 per share to a loss of $2.05 for 2023 in the past 90 days. Shares of the company have nosedived 20% year to date.
OMGA’s earnings beat estimates in two of the trailing four quarters, met the mark in one and missed in another, delivering an average surprise of 8.24%.
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Recursion (RXRX) Up on $50M NVDA Investment for AI Drug Discovery
Recursion Pharmaceuticals (RXRX - Free Report) announced a significant investment worth $50 million from NVIDIA Corporation (NVDA - Free Report) , a renowned technology company specializing in accelerated computing. This investment will greatly boost Recursion's research and development work on AI (artificial intelligence) models for biology and chemistry. Shares of RXRX surged almost 78% on Jul 13, following the news.
The funding was made as a private investment in public equity. Recursion's proprietary biological and chemical dataset is a massive resource that exceeds 23 petabytes and contains more than 3 trillion searchable gene and compound relationships.
The goal is to commercialize and license these AI models through BioNeMo, NVDA's cloud service for generative AI in drug development.
By combining RXRX's extensive dataset with NVDA's accelerated computing capabilities, the companies aim to develop groundbreaking AI models for drug discovery.
Recursion's shares have rallied 56.6% year to date against the industry’s 3.1% decline.
Image Source: Zacks Investment Research
This collaboration will not only help Recursion in advancing its internal pipeline but also benefit its current and future partners.
In May 2023, the company signed two agreements to acquire Cyclica and Valence in the AI-enabled drug discovery space. It aims to accelerate the development of new technologies to advance drug discovery in the biopharma industry.
Recursion's internal pipeline includes candidates developed in clinical and preclinical studies for genetically-driven rare diseases and oncology with significant unmet needs and market opportunities.
Its oncology candidate, REC-994, is being evaluated in the mid-stage SYCAMORE study to treat cerebral cavernous malformation. The company expects to share top-line data from the study in 2024.
Recursion Pharmaceuticals, Inc. Price and Consensus
Recursion Pharmaceuticals, Inc. price-consensus-chart | Recursion Pharmaceuticals, Inc. Quote
Zacks Rank & Stocks to Consider
Recursion currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the overall healthcare sector are Akero Therapeutics (AKRO - Free Report) and Omega Therapeutics (OMGA - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Akero Therapeutics has narrowed from a loss of $2.92 per share to a loss of $2.80 for 2023 in the past 90 days. The company's shares have nosedived 18.2% year to date.
AKRO’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.13%.
The consensus mark for Omega Therapeutics has narrowed from a loss of $2.49 per share to a loss of $2.05 for 2023 in the past 90 days. Shares of the company have nosedived 20% year to date.
OMGA’s earnings beat estimates in two of the trailing four quarters, met the mark in one and missed in another, delivering an average surprise of 8.24%.