Despite announcing a new multi-year partnership with Dewpoint Therapeutics, shares of Palantir Technologies (NYSE:PLTR) are down more than 4% on the day. The weakness in PLTR stock can be attributed to general market weakness, as the S&P 500 and Nasdaq are both down today. However, let’s dive into the details on the new partnership that has shareholders of PLTR stock excited.
The partnership will see Dewpoint utilize Palantir’s Foundry platform to further research and understand condensates biology. The Foundry platform will help researchers analyze lab data and other data sources. Researchers at Dewpoint will also use Foundry to store their centralized knowledge repository. Additionally, they will use it to contextualize test results and prioritize the best possible outcome.
Lalarukh Haris Shaikh, Palantir’s head of biotech, praised the partnership. She commented:
“We think Dewpoint is changing the way the world approaches drug design by exploring new frontiers of disease biology, requiring a game changing solution that goes beyond just cloud and infrastructure to drive their R&D and scale with their vision as they grow. We are proud to partner with Dewpoint and share their passion of working on one of the most exciting translational medicine approaches of our time.”
PLTR Stock: What to Know About the Dewpoint Partnership
- Dewpoint is a leading research company that seeks to understand the nature of condensates in order to develop drugs. Condensates are involved in many serious diseases, such as cancer, metabolic disease and other rare genetic disorders.
- The Foundry platform is designed to integrate siloed information sources that will lead to data-driven analysis and conclusions. Foundry will be able to “work seamlessly” with the existing Dewpoint systems.
- For example, the expansion of Dewpoint’s data foundation to include “advanced genetic analysis for disease association and correlation with condensate content” will help the company discover potential medical breakthroughs.
- Dewpoint CEO Ameet Nathwani is looking forward to the prospects that Foundry can bring to the company. He stated that, “Key to our approach has been creating a seamless connection between our wet-lab and dry-lab capabilities, with machine learning and AI at the center. Foundry has provided us with a solid foundation for us to fully connect and operationalize our entire lab to enterprise and enable the discovery and development of new drugs.”
- This partnership comes after Palantir announced that they had won a second option year with the U.S. Army. Indeed, that deal is worth $116.3 million.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.