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Palantir Join Hands With Dewpoint Therapeutics; Shares Fall 5.8%

Palantir Technologies Inc. (NYSE:PLTR), recently revealed that it has entered into a strategic partnership with biomolecular condensates company, Dewpoint Therapeutics. The partnership will aid the Palantir Foundry platform.

Following the news, shares of the software company, which specializes in big data analytics, plummeted 5.8% during yesterday’s trading session. However, it pared its losses slightly to close at $18.02 during the extended trade.

Strategic Impact

The partnership is aimed at assisting Dewpoint researchers to further enhance their understanding of condensates biology by analyzing lab data along with other data sources and developing solutions to treat challenging diseases.

Furthermore, it will also act as a central repository of data from the extensive research that will be carried out by the Dewpoint researchers.

Management Commentary

Head of Biotech at Palantir, Lalarukh Haris Shaikh, said “We think Dewpoint is changing the way the world approaches drug design by exploring new frontiers of disease biology, requiring a game changing solution that goes beyond just cloud and infrastructure to drive their R&D and scale with their vision as they grow. We are proud to partner with Dewpoint and share their passion of working on one of the most exciting translational medicine approaches of our time.”

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Price Target

Last month, Credit Suisse analyst Philip Winslow initiated coverage on the stock with a Hold rating and a price target of $25, which implies upside potential of 39.2% from current levels.

Consensus among analysts is a Moderate Sell based on 1 Buy, 3 Holds and 4 Sells. The average Palantir price target of $23.14 implies upside potential of 28.8% from current levels. Shares have declined by about 37% over the past year.

Investors

TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Palantir. Furthermore, 1.3% of portfolios tracked by TipRanks reduced their exposure to PLTR stocks over the past 30 days.

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