Oracle (NYSE:ORCL) has recently deepened its presence in the artificial intelligence space. The company has partnered with the U.S. Food and Drug Administration to provide AI tools developed by its subsidiary, Cerner Enviza.
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The tools will be produced in collaboration with John Snow Labs, a provider of software, models, and data to help healthcare and life science organizations.
These tools are meant to assist in extracting information from clinical notes within electronic health records for the FDA’s drug safety Sentinel Initiative. The use of technology will make it simpler to understand the impact of medicines on large populations, such as the potential side effect on mental health associated with the asthma drug Montelukast.
The primary goal of this two-year agreement is to demonstrate the importance of machine learning and natural language processing (NLP) technology in solving unstructured data problems.
Is Oracle a Good Investment?
Yesterday, Guggenheim analyst John DiFucci reiterated a Buy rating on ORCL stock with a $115.00 price target. DiFucci believes that Oracle’s cloud business might continue to perform well.
Overall, the stock has a Moderate Buy consensus rating based on 12 Buys and 12 Holds. The average price target of $100.07 implies an upside of 6.7% from the current level. The stock has gained 12.4% so far in 2023.
