Palantir Technologies (NYSE: PLTR) stock fell during pre-market trading Friday, even as the company secured a $19 million ARPA-H contract.
The Advanced Research Projects Agency for Health (ARPA-H) awarded Palantir Technologies a $19 million contract to establish the essential data infrastructure for its core operations over the next two years. This collaboration aims to make data-driven decisions from diverse sources while maintaining high standards of security and privacy in healthcare.
Under the agreement, Palantir will provide ARPA-H with its AIP and Foundry software, facilitating key workflows and enabling the agency to adhere to industry-leading practices and ROI analysis. Palantir said its platform will ensure that ARPA-H programs align with the agency’s cohesive data strategy and framework.
Hirsh Jain, Head of Public Health and Senior Vice President of federal at Palantir, said,
“ARPA-H is an incredible investment in the next generation of life-changing healthcare outcomes.”
This project will leverage Palantir’s expertise in delivering data infrastructure and AI tools for public health initiatives. This includes establishing secure collaborative research platforms like N3C, supporting disease surveillance at HHS and CDC, and enhancing drug review efficiency at the FDA.
In related news, Argus Research analyst Joseph Bonner initiated coverage on PLTR stock with a Buy rating and set a price target of $29, citing the company’s improved profitability and cash flow alongside growing momentum in its commercial business.
Palantir (NYSE: PLTR) Stock Price Action
As of 09:22 a.m. (Eastern Time) Friday, PLTR stock traded at $24.66, marking a 3.52% decrease compared to the previous trading session.
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