10 Big Names Crushing the Market

7. Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)

Recursion Pharmaceuticals soared by 8.31 percent on Friday to close at $4.17 apiece as investors resorted to bargain-hunting after falling back to the $3 level in the previous trading day.

Additionally, the stock mimicked the broader market rally during the day, buoyed by rising hopes of an interest rate cut in the last Federal Open Market Committee meeting this year.

This followed dovish comments from Federal Reserve Bank of New York President and CEO John Williams, saying he believes monetary policy would be “modestly restrictive” amid weak labor market data.

“I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions,” Williams said in his speech in Santiago, Chile.

“Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals,” he noted.

Williams comments sparked hopes among investors after Federal Reserve Chairman Jerome Powell already said earlier that a rate cut in December was not guaranteed, dampening economists and investors’ expectations.

Meanwhile, Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) announced dismal earnings performance in the third quarter of the year, during which, net loss widened by 69 percent to $162 million from $95.8 million in the same period last year.

Revenues fell by 80 percent to $5.17 million from $26.08 million year-on-year.