23andMe (ME) shares are rising after the personal genetics company was given FDA approval on testing for cancer variants in customers. Yahoo Finance Live checks out 23andMe's stock action and the benefits it could see from leaning more into the health space.
Recursion Pharmaceuticals (NASDAQ: RXRX) and 23andMe (NASDAQ: ME) are both popular biotech stocks that are wooing investors with their claims about using artificial intelligence (AI) to supercharge the drug development process. Let's examine their prospects and determine which of these two biotech stocks is the better investment. 23andMe is famous for its consumer genetic testing business, which accounted for 79% of its $61 million in total revenue for its fiscal 2024 first quarter (ended June 30).
The chief culprit was 23andMe's latest earnings release. For its first quarter of fiscal 2024, 23andMe's revenue was just under $60.9 million, down from the $64.5 million it booked in the same period the prior year. Another clear source of investor concern was 23andMe's bottom line.