Market Overview

Palantir Shares Surge On Report Of $44M FDA Contract

Share:
Palantir Shares Surge On Report Of $44M FDA Contract

One of the hottest new offerings of 2020 has been Palantir Technologies (NASDAQ: PLTR), with shares up nearly 200% since its IPO.

What Happened: Palantir's stock surged Monday following a Bloomberg report of the company landing a three-year, $44-million contract with the U.S. Food and Drug Administration.

The deal would see Palantir help power drug reviews and inspections, according to the report.

Related Link: Palantir Gets Boost From Cathie Wood, George Soros

Why It’s Important: Palantir reported third-quarter revenue of $298.4 million, which was up 52% year-over-year.

Government contracts totaled $163 million in the third quarter, representing more than 50% of the total.

Palantir announced 15 new deals in the third quarter of $5 million or more. Large announced deals included a U.S. Army deal for $91 million, a $36-million deal with the National Institutes of Health and a $300-million renewal with a major aerospace company.

The company is guiding for fourth-quarter revenue to hit $299 million to $301 million.

PLTR Price Action: Shares of Palantir ended Monday's session 21.34% higher at $28.94, approaching their 52-week high of $29.05.

 

Related Articles (PLTR)

View Comments and Join the Discussion!

Posted-In: BloombergNews Contracts FDA Movers Tech Media Trading Ideas Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com