Why Recursion Pharmaceuticals Stock Got Mashed on Monday

Clinical-stage biotech Recursion Pharmaceuticals' (NASDAQ: RXRX) stock took it on the chin in the first trading day of the week. Monday saw investors back out of the company's shares, leaving them with an almost 3% decline at market close. The benchmark S&P 500 (SNPINDEX: ^GSPC) did notably better, ticking up slightly on the day.

This was largely due to news from a rival clincal-stage biotech. Late on Friday, U.K.-based Biodexa announced it had launched a phase 3 clinical trial of its eRapa, an investigational drug that targets familial adenomatous polyposis (FAP). This is a rare genetic disease which, when left untreated, typically leads to colorectal cancer.

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Source Fool.com