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Investing.com - Guggenheim raised its price target on Tempus AI Inc (NASDAQ:TEM) to $95.00 from $80.00 on Friday, while maintaining a Buy rating on the stock. The new target represents significant upside from the current price of $77.33, with analyst targets ranging from $60 to $98. According to InvestingPro, five analysts have recently revised their earnings expectations upward for the upcoming period.
The price target increase follows Guggenheim’s meetings with Tempus AI team members to discuss the company’s development of a foundation model in oncology through a partnership with AstraZeneca (NASDAQ:AZN) and Pathos AI.
Guggenheim noted that the discussions provided better understanding of the oncology foundation model project and why it is "highly differentiated" in the market.
The research firm’s analyst report included background information on artificial intelligence and foundation models, along with a summary of their conversations with Tempus AI about their specific foundation model.
Tempus AI specializes in AI-powered precision medicine, with a focus on using artificial intelligence to improve cancer treatment and patient outcomes.
In other recent news, Tempus AI, Inc. has made significant strides with its recent FDA clearances. The company received 510(k) clearance for its RNA-based Tempus xR IVD device, which is designed to detect gene rearrangements in tumor tissue specimens. This device will be used as a life sciences tool to support drug development programs. Additionally, Tempus AI received FDA clearance for its updated Tempus Pixel cardiac imaging platform. This approval enhances the device’s capabilities, allowing for more detailed cardiac MR image analysis. In response to these developments, H.C. Wainwright raised its price target for Tempus AI to $98.00, maintaining a Buy rating. Meanwhile, Stifel reiterated its Hold rating with a $65.00 price target, noting the ongoing reimbursement ramp for the company’s xT comprehensive genomic profiling test. These recent advancements highlight Tempus AI’s continued innovation in the medical technology field.
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