Ontrak (NASDAQ:OTRK) stock is potentially on track to more than double today. So, what’s going on exactly? Reportedly, Ontrak’s research showed its Wholehealth+ platform provided significant improvement in some mental health patients’ anxiety and depression symptoms. The implication is that the Ontrak Wholehealth+ is an effective product that can help reduce these symptoms.
Based in Nevada, Ontrak offers an artificial intelligence (Ontrak Wholehealth+ uses “AI, predictive analytics and digital interfaces combined with dozens of care coach engagements” to help improve outcomes in healthcare.) powered platform that provides data and coaching to healthcare providers and patients.
Yet, some onlookers are undoubtedly skeptical of Ontrak Wholehealth+. They may wonder whether AI can do what human caregivers and mental healthcare practitioners already do.
Certainly, the idea isn’t to replace humans entirely in the healthcare field. Ontrak’s recently released data suggests Ontrak Wholehealth+ can assist in certain instances of mental health issue symptom management. This could be a breakthrough moment — or at the very least, Ontrak’s investors are bullish on this development.
What’s Happening With OTRK Stock?
Soon after the opening bell rang on Wall Street, OTRK stock rallied 90%. By 11:00 a.m. Eastern, Ontrak shares doubled compared to yesterday’s closing price. And by 11:30 OTRK stock soared past 120% for the day so far.
It’s understandable that Ontrak’s investors are enthused today. Ontrak’s research indicates that “after six months, 30% of assessed Ontrak Wholehealth+ members sustained a clinically significant reduction in anxiety symptoms.” Plus, “55% sustained a clinically significant reduction of depressive symptoms” in that same time frame.
Ontrak utilized formal mental health symptom assessments, known as PHQ-9 and GAD-7, during the research study. PHQ-9 measures depression severity, while GAD-7 measures the severity of anxiety.
Perhaps these assessments, in conjunction with Ontrak’s AI-powered platform, can continue to improve outcomes for patients. This remains to be seen, but Ontrak’s results, so far, are certainly encouraging. After a challenging 2022, OTRK stock investors finally got a boost as Ontrak puts machine learning to use in the quest to improve outcomes for mental health patients.
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On the date of publication, David Moadel 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.