Recursion Pharmaceuticals shares continue to jump 3% higher in premarket trading on Friday.
The move was sparked after a $50 million investment from Nvidia , which was revealed on July 12. Shares of RXRX rallied more than 75% on July 12. At one point, the stock traded as high as $14.99, up 121% on the day.
All of this stems from a $50 million investment made by Nvidia, “which was implemented as a private investment in public equity.”
“Recursion will utilize NVDA’s cloud platform to train its AI models using its over 23 petabytes of biological and chemical dataset…
RXRX said it could potentially use its BioNeMo platform to commercially license or release its AI models.”
The move on July 12 triggered more than 80 million shares of RXRX stock to trade that day. In fact, four of the last six sessions have resulted in a volume that would have exceeded the previous one-day record.
Luckily for the bears, this stock doesn’t have a huge short interest — although it is notable — which would have likely triggered a massive upside move. However, bulls are wondering if there’s enough fuel left in the tank to continue to squeeze this one higher.
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