An Unexpected Rally Of More Than 120% Is Possible For This Little-Known AI Health Stock

Guardant Health could be a big winner in the ChatGPT-driven artificial intelligence frenzy based on its oncology stock, Canaccord Genuity reports.

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Analyst Kyle Mikson predicted AI could have a significant impact on diagnostics companies in a Monday report.

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“In the future, we believe that artificial intelligence (AI) will have a much greater role to play in diagnostics (and life science tools). We believe that early adopters should have a competitive advantage over those who do not make use of artificial intelligence since their offerings will demonstrate tangible advantages over those who do not make use of AI," he wrote in his article. 

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This technology, for instance, could provide patients with a diagnosis with higher accuracy than other symptom checkers, he noted in his article. As well as helping with medical-administrative work, it could also be used to automate write-ups and improve medical education by assisting healthcare professionals in determining treatment options and next steps based on symptoms, according to the analyst. 

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Canaccord anticipates Guardant Health will enjoy some upside as a result of its AI-related suite of technology that was announced by the company in January. A buy rating on the stock was maintained by Mikson as well as a price target of $65 - indicating an upside potential of 128% from Friday's close.

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“As ChatGPT's computing power and data increases, it is possible that the platform will be able to provide clinicians with analytical and problem-solving skills that exceed their capabilities at present, as its computing power and data increases. "ChatGPT could also enable individuals to access healthcare services 24 hours a day, 7 days a week," Mikson wrote. 

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Last month, Guardant Health announced the launch of its Guardant Galaxy platform, which includes technologies that will aid in the company's tests as well as enable the discovery of biomarkers and potential drugs. One of the first applications in the company's product suite is a digital pathology platform backed by artificial intelligence (AI) developed by Lunit, a South Korean company, as part of its product suite.

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