Tech Firms Dominate Monday’s 10 Worst Performers

3. Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)

Recursion Pharmaceuticals dropped its share prices by 4.34 percent on Monday to close at $5.51 apiece as investors resorted to profit-taking following Friday’s surge while staying on the sidelines amid a muted wider market.

Last week, RXRX soared by 27.72 percent following the Food and Drug Administration’s (FDA) decision to replace the use of animals in testing drugs with Artificial Intelligence.

RXRX is a clinical-stage biotechnology company that uses AI in its discovery and development processes.

According to the FDA, the initiative was designed to replace animal testing with “more effective human-relevant methods” in the development of monoclonal antibody therapies and other drugs.

The move was not only expected to improve drug safety and expedite the evaluation process, but it could also result in lower research and development costs, thereby reducing drug prices for the end consumers.

According to the FDA, it will begin to encourage the inclusion of New Approach Methodologies (NAMs) data in investigational new drug applications.