By Christiana Sciaudone
Investing.com -- Palantir rose 7% on the Biden administration's plan to track Covid-19, Bloomberg reported.
President-elect Joe Biden’s economic relief proposal includes a plan for increased Covid-19 testing and contact tracing, which could benefit Palantir, Wayne Kaufman, chief market analyst at Phoenix Financial Services, told Bloomberg in a phone interview.
“This will mean a lot of data to be analyzed, and that’s right in Palantir’s wheelhouse,” Kaufman said. Palantir has several contracts already with the U.S. government.
Yesterday, officials from the Centers for Disease Control suggested Biden dump a Palantir system to track how hospitals were handling the surge in Covid-19 cases because it is inaccurate, Daily Beast reported.
On Wednesday, Citi downgraded Palantir to sell from neutral, warning that it was “vulnerable heading into 2021" and an expected deceleration in growth, according to StreetInsider.
Shares of Palantir are up more than 170% since the stock went public in September.