RXRX Shares Plummet 2.96% as $300M Volume Crateres to 365th Rank Amid Biotech Caution

On October 9, 2025, Recursion Pharmaceuticals (RXRX) closed at a 2.96% decline, with a trading volume of $300 million, representing a 46.31% drop compared to the previous day. The stock ranked 365th in trading activity among U.S. equities, reflecting subdued investor engagement despite its position in the biotech sector.

The underperformance followed mixed signals from recent developments in the biotechnology space. While no direct clinical or partnership updates were disclosed, broader market sentiment toward speculative biotech stocks remained cautious. Analysts noted that liquidity constraints and sector-specific volatility contributed to the sharp decline in trading volume, as institutional investors appear to have reduced exposure ahead of potential regulatory risks.

For back-testing purposes, a systematic approach requires clarification on key parameters: market universe (e.g., NYSE/NASDAQ-listed stocks), ranking methodology (dollar volume vs. share volume), rebalancing timing (close-to-close vs. open-to-close execution), position sizing (equal-weight vs. volume-proportional allocation), and transaction cost assumptions (e.g., 2 basis points per trade). These variables will determine the accuracy of performance metrics when evaluating a strategy over the period from January 3, 2022, to October 9, 2025.