Why did rxrx stock go down

Recursion Pharmaceuticals (RXRX) stock decline can be attributed to several factors: 1. **Proposed Public Offering**: Recursion announced a public offering of 30,769,230 shares of its common stock at $6.50 per share, expecting to receive total gross proceeds of approximately $200 million. This offering is likely seen as dilutive by existing shareholders, which can lead to a decline in stock price. 2. **Investor Sentiment**: The proposed offering and the recent drop in stock price following an investor day event, where NVIDIA CEO Jensen Huang discussed the role of AI in drug discovery, suggest that investor sentiment may have turned negative. Huang's comments could have also raised expectations that may not have been met, contributing to the stock's decline. 3. **Market Conditions**: The broader market conditions and industry trends can also impact a stock's performance. The biotechnology market, which RXRX operates in, is expected to grow significantly, but this growth may not be enough to offset the negative sentiment surrounding RXRX's proposed offering and the recent drop in stock price. In conclusion, the decline in RXRX stock is likely a result of a combination of company-specific factors (proposed public offering, investor sentiment) and the broader market conditions.