Tempus AI up after brokerages initiate with bullish ratings
09/07/2024 12:28
(Updates)
** Shares of genetics testing firm Tempus AI TEM.O rise
4.6% to $34.75 premarket
** JP Morgan and Morgan Stanley initiate coverage on stock
with "overweight" rating; Needham starts with "buy"
** JPM anticipates CAGR of around 33% from 2024-2027,
expects TEM to become adj. EBITDA positive by H2 2025
** Says TEM has successfully monetized its patient database
of combined clinical genomics data, through "licensing
agreements with pharma and biotech customers"
** Morgan Stanley says TEM can gain in a $190 bln total
addressable market (TAM) through its genomics, data services and
AI applications services
** Adds TEM's multi-modal data lake is larger and superior
than its peers; expects revenue growth of around 27% through
2028
** Needham says co's "differentiated, AI-powered approach to
precision medicine" has created "more-targeted therapies to
drive better outcomes"
** TEM debuted on Nasdaq on June 13, but is down 17% since
its IPO
(Reporting by Nikhil Sharma in Bengaluru)
((nikhil.sharma@thomsonreuters.com))