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Syneos Health (SYNH) Partners With KX for Data-Driven Insights

Syneos Health SYNH recently entered into a strategic partnership with KX. The latter is the maker of kdb, which is claimed to be the world’s fastest time series database and analytics engine.

The newest collaboration will potentially improve clinical trial efficiency, minimize costs and reduce the time to market life-changing therapies for patients.

Significance

Through the KX partnership, Syneos Health aims to apply a data-driven approach to predict outcomes by leveraging artificial intelligence and machine learning abilities.

The AI-based solutions will enable biopharma customers to address complex healthcare decisions through the adoption of KX’s Data Timehouse software. Noted as the industry-first, this data and AI management platform offers real-time engagement with customers and supports their needs across the clinical and commercial continuum.

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Zacks Investment Research


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This also enables the company’s customers to take more accurate decisions relating to the selection of drug trial sites. Per a representative at Syneos Health, KX has established its ability to accelerate the most challenging computational challenges with massive data sets and supporting use cases.

Syneos Health aims to enhance customers’ asset value through technology and data efforts. By delivering clinical, medical affairs and commercial solutions backed by industry-informed predictive insights, the company will be able to accelerate timelines and optimize resource allocation.

Industry Prospects

Per a Research report, global artificial intelligence in the healthcare industry was valued at $15.4 billion in 2022 and is expected to witness a CAGR of 37.5% by 2030.

The increasing datasets of health-related digital information on patients, the high demand for personalized medicines and the demand for reduction in care expenses are some of the major factors driving the market growth.

Recent Developments

Early this week, Syneos Health announced a strategic multi-year agreement with Microsoft. Through this collaboration, the company aims to deliver technology and data solutions along with Microsoft that accelerate clinical development and elevate commercial performance for biopharma customers.

Additionally, the company’s collaboration with KX amplifies this work as both parties shall utilize Microsoft’s Azure technology to bring the potential benefits of AI, ML and tech-enabled solutions to customers.

In February 2023, Syneos Health announced the launch of a Decentralized Clinical Trial (“DCT”) Site Network, which complements the company’s existing Site Advocacy Group. The newest launch will enable appropriate DCT adoption and ensure the high-quality delivery of DCTs and digital health technology solutions.

Price Performance

In the past six months, Syneos Health has mainly underperformed its industry. SYNH shares have decreased 29.5% compared with the industry’s fall of 13.5%.

Zacks Rank and Key Picks

Syneos Health currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the overall healthcare sector are Haemonetics Corporation HAE, Catalyst Pharmaceuticals CPRX and Avanos Medical AVNS. Haemonetics and Catalyst Pharmaceuticals each sport a Zacks Rank #1 (Strong Buy), while Avanos Medical has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Haemonetics’ stock has risen 33.2% in the past year. Earnings estimates for Haemonetics have increased from $2.91 per share to $2.94 for 2023, and from $3.28 per share to $3.29 for 2024 in the past 30 days.

HAE’s earnings beat estimates in all the last four quarters, delivering an average surprise of 10.98%. In the last reported quarter, it reported an earnings surprise of 7.59%.

Estimates for Catalyst Pharmaceuticals’ 2023 earnings have increased from $1.17 to $1.42 in the past 30 days. Shares of the company have increased 95.1% in the past year.

CPRX’s earnings beat estimates in three quarters while beating the same in one, the average surprise being 3.35%. In the last reported quarter, Catalyst Pharmaceuticals delivered an earnings miss of 14.29%.

Estimates for Avanos Medical’s 2023 earnings have increased from $1.64 to $1.68 in the past 30 days. Shares of the company have declined 12.9% in the past year compared with the industry’s fall of 14.2%.

AVNS’ earnings beat estimates in all the trailing four quarters, the average surprise being 11.01%. In the last reported quarter, Avanos Medical delivered an earnings surprise of 25%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Syneos Health, Inc. (SYNH) : Free Stock Analysis Report

Haemonetics Corporation (HAE) : Free Stock Analysis Report

Catalyst Pharmaceuticals, Inc. (CPRX) : Free Stock Analysis Report

AVANOS MEDICAL, INC. (AVNS) : Free Stock Analysis Report

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