Recursion Pharmaceuticals Inc (NASDAQ:RXRX) shares traded higher Monday after the company provided updated guidance and partnership updates at its Investor Day. The stock is continuing to move higher after hours amid a CNBC appearance from CEO Christopher Gibson.
What Happened: Recursion provided updated pipeline guidance to investors, analysts and other stakeholders during its Download Day on Monday. The event featured a number of prominent speakers, including NVIDIA Corp (NASDAQ:NVDA) founder and CEO Jensen Huang.
The stock appears to be moving higher in extended trading after Gibson went on CNBC's "Closing Bell: Overtime" just "minutes" before he was set to take the stage with Huang to discuss the role AI will play in drug discovery and development in the future.
Gibson also highlighted that Recursion has built the most powerful supercomputer in the biotech space with the help of Nvidia: BioHive-2.
"We've been able to demonstrate that using these tools, we can roughly three times the speed of discovering and developing medicines towards the clinic and dramatically reduce the costs," Gibson said on the show.
"Ultimately, the most important lever is going to be improving the probability of success ... 90% of drugs that go into clinical trials today fail ... and it's because biology is so complex and machine learning and AI are the right tools when you bring the right data and the right compute to bear to help us make sense and really decode biology."
Nvidia reported investments in multiple companies, including Recursion Pharmaceuticals, in a 13-F filing with the SEC earlier this year. According to the filing, Recursion is Nvidia's second-largest investment after Arm Holdings.
RXRX Price Action: Recursion Pharmaceuticals shares were up 4.50% after hours at $9.34 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.