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RXRX-News
RXRX-Events
Dow Rises 556.21 Points, Nasdaq Ends Little Changed
The Dow advanced and the Nasdaq finished little changed, but ended well off its worst levels, as concerns around overspending on AI led to underperformance in the tech-heavy index. Meanwhile, the producer price index rose 1.3% month over month, the largest increase since March 2022, following a 0.4% gain in August and exceeding economists' expectations for a 0.6% advance. On an annual basis, producer prices climbed 6.3%, up from 5.6% in August and the highest rate since December 2022.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Anthropic informed prospective investors that its Q3 revenue reached $16.8B, as the Claude maker forges ahead with plans for an IPO, Bloomberg reportsTSMCreported better-than-expected Q3 resultsPenske Automotiveagreed to be taken private in a $16.3B transactionCCC Intelligent Solutionsagreed to be acquired by GTCR and Elliott for $6.1BMetarolled out Muse Spark Open on AppleM5 Ultra Macs2. WALL STREET CALLS:Deutsche Bank upgraded Walmartto Buy on favorable 2027 setupSpotifydowngraded to Hold at StoneX on "tempered" gross margin viewQuantinuumupgraded to Overweight at Morgan StanleyPayPalreinstated at Underperform, down from Neutral, at BofACarMaxdouble upgraded to Buy from Underperform at BofA3. AROUND THE WEB:Appleclosed above a $5T market capitalization on Wednesday, ending the day at $5.005T, the second company after Nvidiato do so, WSJ reportsLone Star and Atlas Holdings are both exploring "multibillion-dollar bids" for International Paper'sEuropean packaging business, previously known as DS Smith, FT saysNvidia CEO Jensen Huang said the chipmaker "absolutely must" work with Chinese AI companies on monitoring risks, telling CNBC that AI is "potentially dangerous," and that he has ongoing "dialogues" with researchers in ChinaSpaceXhas restricted some Starlink services in Ukraine by disabling military-grade terminals traveling above 100 mph, Reuters reportsSignet Jewelersand Richemontare in talks to join the Global Diamond Consortium to buy diamond miner De Beers from Anglo American, Bloomberg says4. MOVERS:OPKO Healthgained after entering into an agreement for Labcorpto acquire select assets of OPKO Health subsidiary BioReference HealthEricssonincreased in New York after reporting Q3 results and announcing with Verizonthe completion of the first 6G field callRecursion Pharmaceuticalswas higher after reporting data from its REC-1245 and REC-4881 trials, announcing Sanofioptioned the first development candidate from their multi-program research collaboration, and pricing 61.54M shares of its stockCybersecurity companies including CrowdStrikeand Palo Alto Networkswere lower after Semafor reported that Perplexity is "giving away" its AI sandbox SPACEAquestive Therapeuticsfell after announcing the FDA acknowledged its resubmission of the NDA for Anaphylm sublingual film5. EARNINGS/GUIDANCE:FMCcut its Q3 revenue guidance, saying it is facing slower-than-expected demand from channel customers in key marketsPrologisreported Q3 results and raised its outlook for FY26, with CEO Daniel Letter saying the company "executed well" this quarter"ManpowerGroupreported Q3 results, with EPS in-line with consensusU.S. Bancorpreported Q3 results, provided guidance for Q4, and raised its outlook for FY26PNC Financialreported Q3 results with EPS beating consensusINDEXES:The Dow rose 556.21, or 1.08%, to 52,177.69, the Nasdaq gained 20.16, or 0.08%, to 26,713.03, and the S&P 500 advanced 25.12, or 0.33%, to 7,744.06.
Recursion Pharmaceuticals Stock Rises 15.4% to $4.32
Recursion Pharmaceuticals is up 15.4%, or 58c to $4.32.
Nasdaq Underperforms as Producer Price Index Rises 1.3% MoM
The major averages were mixed near noon as concerns around tech firms overspending on AI are mounting, leading to underperformance for the Nasdaq. Meanwhile, the producer price index rose 1.3% month over month, the largest increase since March 2022, following a 0.4% gain in August and exceeding economists' expectations for a 0.6% advance. On an annual basis, producer prices climbed 6.3%, up from 5.6% in August and the highest rate since December 2022.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Anthropic informed prospective investors that its Q3 revenue reached $16.8B, as the Claude maker forges ahead with plans for an IPO, Bloomberg reportsTSMCreported better-than-expected Q3 resultsPenske Automotiveagreed to be taken private in a $16.3B transactionCCC Intelligent Solutionsagreed to be acquired by GTCR and Elliott for $6.1BFMCcut its Q3 revenue guidance, saying it is facing slower-than-expected demand from channel customers in key markets2. WALL STREET CALLS:Deutsche Bank upgraded Walmartto Buy on favorable 2027 setupSpotifydowngraded to Hold at StoneX on "tempered" gross margin viewQuantinuumupgraded to Overweight at Morgan StanleyPayPalreinstated at Underperform, down from Neutral, at BofACarMaxdouble upgraded to Buy from Underperform at BofA3. AROUND THE WEB:Appleclosed above a $5T market capitalization on Wednesday, ending the day at $5.005T, the second company after Nvidiato do so, WSJ reportsLone Star and Atlas Holdings are both exploring "multibillion-dollar bids" for International Paper'sEuropean packaging business, previously known as DS Smith, FT saysNvidia CEO Jensen Huang said the chipmaker "absolutely must" work with Chinese AI companies on monitoring risks, telling CNBC that AI is "potentially dangerous," and that he has ongoing "dialogues" with researchers in ChinaSpaceXhas restricted some Starlink services in Ukraine by disabling military-grade terminals traveling above 100 mph, Reuters reportsSignet Jewelersand Richemontare in talks to join the Global Diamond Consortium to buy diamond miner De Beers from Anglo American, Bloomberg says4. MOVERS:OPKO Healthgains after entering into an agreement for Labcorpto acquire select assets of OPKO Health subsidiary BioReference HealthEricssonincreases in New York after reporting Q3 results and announcing with Verizonthe completion of the first 6G field callRecursion Pharmaceuticalshigher after reporting data from its REC-1245 and REC-4881 trials, announcing Sanofioptioned the first development candidate from their multi-program research collaboration, and pricing 61.54M shares of its stockRocket Lablower after delaying the Neutron launch to 2027Aquestive Therapeuticsfalls after announcing the FDA acknowledged its resubmission of the NDA for Anaphylm sublingual film5. EARNINGS/GUIDANCE:Prologisreported Q3 results and raised its outlook for FY26, with CEO Daniel Letter saying the company "executed well" this quarter"ManpowerGroupreported Q3 results, with EPS in-line with consensusVelo3Dreported preliminary results for Q3U.S. Bancorpreported Q3 results, provided guidance for Q4, and raised its outlook for FY26PNC Financialreported Q3 results with EPS beating consensusINDEXES:Near midday, the Dow was up 434.68, or 0.84%, to 52,056.16, the Nasdaq was down 102.50, or 0.38%, to 26,590.37, and the S&P 500 was up 4.71, or 0.06%, to 7,723.65.
Recursion's REC-1245 Shows Promising Efficacy
REC-1245 is an oral molecular glue designed to exploit a synthetic-lethal vulnerability in cancers by degrading RBM39, a splicing factor that regulates genes involved in DNA repair and stress response. The target emerged from Recursion's platform, which found that degrading RBM39 mimics the loss of CDK12, while sparing CDK13-associated liabilities. REC-1245 was identified within 18 months after screening only 204 compounds using Recursion's design platform. Additional Phase 1 monotherapy data are expected in the second half of 2026, and preliminary dose expansion data in endometrial cancer are expected in the second half of 2027. Dose escalation will also continue in other solid tumor indications. Three partial responses per RECIST 1.1 criteria in heavily pretreated patients with endometrial cancer and hepatocellular carcinoma, all at doses of 45 mg once daily or higher, with a disease control rate of 91.7% at those doses. Recursion has selected 45 mg QD for expansion cohorts, including endometrial cancer, where limited second-line treatments are approved; at the 45 mg QD dose, no dose-limiting toxicities or treatment-related serious adverse events were observed, and treatment-related adverse events were predominantly Grade 1 or 2. Most frequent TRAEs were Grade 1 or Grade 2 fatigue and anemia.
Recursion Partners with Sanofi on Development Candidate, Receives $10M Milestone Payment
Recursion (RXRX) announced that Sanofi (SNY) has optioned the first development candidate from the two companies' multi-program research collaboration. The oral small molecule was designed to achieve a differentiated profile against a challenging dual target implicated in inflammatory disease and was delivered by the combination of Recursion's integrated AI-enabled drug design platform and small-molecule chemistry capabilities with Sanofi's deep expertise in drug discovery and immunology. The candidate has now been added to Sanofi's development pipeline and is expected to enter phase 1 clinical trials in 2027, with Sanofi funding and leading further development and commercialization. The option triggered a $10M milestone payment to Recursion, bringing total upfront and milestone payments under the collaboration to $144M to date. Recursion remains eligible for more than $300M in additional milestones under the program, with an average of low double-digit royalties on net product sales if approved. With the first development candidate optioned, the collaboration has now achieved six progress-based milestones across five programs. Additional programs across the collaboration continue to advance. In 2027, other programs in the joint portfolio have the potential to reach development candidate and other progress-based milestones.
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