Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) made waves Monday with the announcement of the completion of its groundbreaking BioHive-2 supercomputer, as well as the notable surge in its stock that followed.
RXRX Price Action: Recursion Pharmaceutical shares closed at $9.48 on Monday, reflecting an impressive gain of 10.2% compared to the previous day's close, according to Benzinga Pro.
What Happened: Recursion's stock surge came after the company announced the completion of its new Nvidia Corp (NASDAQ:NVDA)-powered AI supercomputer. The computer, called BioHive-2, is powered by 63 Nvidia H100 systems with a total of 504 Nvidia H100 Tensor Core GPUs, interconnected by Nvidia Quantum-2 InfiniBand networking.
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The completion of the supercomputer signifies a significant milestone for Recursion in its quest to revolutionize drug discovery through advanced computational methods. The company's innovative approach, coupled with the unveiling of this state-of-the-art supercomputer, has evidently resonated positively with investors, driving up demand for Recursion's shares.
"With BioHive-2 now online, we have significantly more computational horsepower to accelerate our use of our ever-growing dataset, extending our ability to train larger and more generalizable foundation models and AI agents to industrialize our drug discovery efforts," said Ben Mabey, chief technology officer at Recursion.
Monday's trading activity saw Recursion's stock trade as high as $10.40, showcasing the heightened investor interest. With a market capitalization of $2.248 billion, Recursion Pharmaceuticals continues to capture attention within the pharmaceutical and technology sectors, fueled by its ambitious goals and pioneering advancements in AI-driven drug discovery.
"Accelerated computing, combined with the power of generative AI, is propelling the pharmaceutical industry into a new, advanced era of drug discovery," said Rory Kelleher, global head of business development for life sciences at Nvidia.
"BioHive-2, powered by NVIDIA DGX AI supercomputing, is poised to accelerate the development of additional industry-leading foundation models across biology, chemistry, and healthcare."
Image: courtesy of Recursion Pharmaceuticals.