Why Recursion Pharmaceuticals Inc. (RXRX) Soared on Friday?

We recently published a list of Shares of 10 Firms Soar on Friday. In this article, we are going to take a look at where Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) stands against other firms that soared on Friday.

Wall Street finished mixed anew on Friday, as investors continued to weigh fresh developments on tariffs and inflation data.

The Nasdaq was the sole index eking out gains, up 0.41 percent. The Dow Jones decreased by 0.37 percent while the S&P 500 was little changed, dipping 0.01 percent.

In line with Nasdaq’s rally, 10 companies predominantly under the technology sector led the charge. In this article, we detailed the reasons behind their stellar performance.

To come up with this list of biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A pharmacist in a hospital pharmacy stands next to a row of various drug containers.

Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)

Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) extended a six-day winning streak on Friday, surging 23.88 percent to close at $10.53 as investor optimism was fueled by Nvidia Corp.’s (NVDA) holdings in the company while disposing of shares in other firms.

NVDA submitted a regulatory filing on Friday, showing ownership reduction and increases in various stocks. Notably, NVDA retained its 7.7-million holdings in RXRX, while exiting firms, including SoundHound AI.

The news represented a vote of confidence not just for NVDA but among small investors.

In other developments, RXRX is also expected to release its earnings performance for 2024 within the next few weeks.

Recursion Pharmaceuticals (NASDAQ:RXRX) is a clinical-stage biotechnology company leading the space by decoding biology to industrialize drug discovery.

Overall, RXRX ranks 2nd on our list of firms that soared on Friday. While we acknowledge the potential of RXRX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RXRX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.