Needham analyst Ryan MacDonald has reiterated their bullish stance on TEM stock, giving a Buy rating on July 29.
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Ryan MacDonald has given his Buy rating due to a combination of factors including Tempus AI, Inc.’s impressive second-quarter results, which were driven by significant volume growth in their Genomics business. The strong performance in the Hereditary segment, formerly known as Ambry, indicates an increasing demand for hereditary cancer testing, potentially exceeding the company’s initial growth expectations.
Furthermore, the Core Oncology and Data segments have shown promising results, with opportunities for further growth in average selling prices and contributions from partnerships like AZ/Pathos. The company is strategically positioned for scalable growth, and future developments in reimbursement and foundational model agreements are anticipated to further boost the stock’s performance.
According to TipRanks, MacDonald is a 4-star analyst with an average return of 5.9% and a 47.79% success rate. MacDonald covers the Technology sector, focusing on stocks such as Yext, Docebo, and Nerdy.
In another report released on July 29, BTIG also maintained a Buy rating on the stock with a $75.00 price target.