New York, Feb 18, 2026, 05:32 EST — Premarket
- Recursion Pharmaceuticals (RXRX) slipped roughly 12% in premarket trading, with shares hovering near $3.05 after Tuesday’s close.
- Novo Holdings A/S dropped its stake in the biotech, according to a quarterly U.S. holdings filing.
- Recursion’s upcoming earnings report—and any fresh details on its pipeline—are in focus for traders right now.
Recursion Pharmaceuticals dropped roughly 12% before the bell Wednesday, following a regulatory filing that revealed Novo Holdings A/S had exited its position in the biotech. Shares last traded at $3.05.
This comes as investors dig through quarterly ownership disclosures. Recursion, a small-cap biotech, can see its tape shift dramatically with just one big holder stepping in or out. With a limited float and not much fresh news, who owns what ends up driving the whole story.
A 13F filing gives a quarterly readout of U.S. equity holdings, filed with the Securities and Exchange Commission. Since it only covers quarter-end positions, it’s inherently backward-looking. Still, traders pore over the data to figure out where the big bets are and who’s stepping away.
Recursion slipped 0.86% to finish at $3.46 on Tuesday, after dropping as low as $3.31 earlier in the day. Trading volume came in just over 17 million shares, Investing.com data show.
Novo last quarter reported holding 7.93 million Recursion shares, worth roughly $38.7 million as of September 30.
Tuesday’s filing, which reflects holdings as of Dec. 31, showed no position in Recursion. Novo kept several other biotech stocks in the portfolio, pointing to a targeted move out of Recursion instead of a broad sector retreat.
Salt Lake City’s Recursion leans on AI to spot new drug prospects. Najat Khan, who’s set to take over as CEO, described the REC-4881 trial results as “the first clinical validation of Recursion’s AI platform,” following initial data in a rare colon disease. Reuters
Investors are waiting on the next batch of figures. In a Zacks note posted to TradingView, analysts called for fourth-quarter revenue of $25.5 million and projected a 28-cent loss per share. The preview also pointed to potential updates on the company’s clinical pipeline and partnerships during the call.
But the filing leaves out the timing on Novo’s sale—it only confirms the stake was absent by December’s close. Premarket numbers, too, often overstate action when liquidity is thin, and those early moves don’t always hold up once regular trading starts.
The other, more fundamental risk: Recursion still lacks a marketed product. That means collaboration revenue stays crucial. Spending discipline remains under the microscope, and investors will watch for any sign of future fundraising — the familiar pitfalls for development-stage biotechs.
Traders are set to watch if heavier volume follows the early decline once trading kicks off at 9:30 a.m. ET, and whether the stock finds its footing near recent lows. After the open, attention shifts to Recursion’s upcoming earnings report, slated for March 4.
