Nvidia-Backed Recursion Pharmaceuticals Stock Is Up On Q1 Earnings: Everything You Need To Know
Portfolio Pulse from Adam Eckert
Recursion Pharmaceuticals Inc (RXRX) shares rose in after-hours trading following Q1 earnings that surpassed analyst expectations. The company reported $13.491 million in revenue, beating estimates of $12.65 million, and a loss of 39 cents per share, better than the expected 42 cents loss. Recursion highlighted its partnership with Nvidia (NVDA) in expanding its supercomputer capabilities, specifically mentioning the near completion of BioHive-2, a powerful supercomputer designed with Nvidia's help. Nvidia has also been identified as a significant investor in Recursion.
May 09, 2024 | 9:25 pm
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POSITIVE IMPACT
Nvidia's partnership with Recursion Pharmaceuticals in developing the BioHive-2 supercomputer and its significant investment in RXRX highlight NVDA's strategic involvement in biopharma technology.
Nvidia's involvement in the development of a leading supercomputer for biopharma, coupled with its substantial investment in Recursion, positions NVDA positively in the eyes of investors, potentially leading to a short-term uptick in its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Recursion Pharmaceuticals reported strong Q1 earnings, surpassing revenue and EPS estimates, and highlighted significant progress in its partnership with Nvidia on supercomputer expansion.
The positive earnings report and the progress in the partnership with Nvidia, especially the development of BioHive-2, are likely to boost investor confidence in RXRX, suggesting a potential short-term price increase.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90