Why Recursion Pharmaceuticals Stock Vaulted 11% Higher on Wednesday

An influential bank raised upgraded shares of Recursion Pharmaceuticals (NASDAQ: RXRX) on Wednesday, and in response, investors piled into the stock. The clinical-stage biotech's equity zoomed 11% higher in price that trading session, which was particularly impressive given the broadly weak performance of many stocks across the day. Well before market open, prognosticator Priyanka Grover of JPMorgan Chase unit J.P. Morgan changed her Recursion rating. She now feels it's worthy of an overweight (buy, in other words), up one full peg from her previous tag of neutral. She also raised her price target on the shares by 10% to $11 apiece.According to reports, Grover's new take is based largely on the highly encouraging clinical trial readout of the company's REC-4881 investigational drug. The medication, designed to treat familial adenomatous polyposis (FAP; a condition characterized by the development of polyps within the body), demonstrated efficacy in a Phase 1b/2 trial. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool