Are These The Best AI Health Care Stocks To Watch Now?
The ongoing coronavirus pandemic has given rise to health care stocks, or more specifically, AI health care stocks. One thing that we learn from the pandemic is the importance of data. Why do we say so? The collection and use of health care data in a coherent manner could help patients in meaningful ways.
Since the pandemic, there has been a rise in unemployment figures, but markets are going in the opposite direction. This can be attributed to fiscal packages by governments across the world. Despite improving unemployment data in May, the optimism appears to be temporary. This came as fresh waves of cases have been erupting in the United States, China and Brazil.
From the pandemic, many companies have reported huge revenue losses in the first quarter of 2020. With so much uncertainty lingering around Covid-19, many companies have withdrawn their guidance for the full year. Some even refrained from reiterating the previously positive notes. With that being said, is there anything left for investors and traders to be hopeful about? While growth has taken a backseat for many industries, investors should take note of the huge prospects the virus has opened up for AI health care stocks. For this reason, are these AI health care stocks on your watchlist now?
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Top AI Health Care Stocks To Watch In June 2020: Teladoc Health
In the wake of the pandemic, digital health or ‘telemedicine’ services are booming. The digital health management space continues to thrive on a number of positive developments. Teladoc Health (TDOC Stock Report) has been one of the most referenced stocks during the national lockdown measures. Even though the company is currently not profitable, the current crisis has opened the door for the company to prove its worth.
Telemedicine enables health care professionals to diagnose and treat patients remotely, through the use of telecommunication technology. The TDOC stocks saw a huge jump when the Centers for Disease Control and Prevention asked health care service communities to increase the usage of telemedicine earlier this year. The TDOC stock has risen more than 140% year to date. Now that certain states are reaching their daily new highs in Covid-19 cases. can we expect TDOC stock to have another breakout this week?
Top AI Health Care Stocks To Watch In June 2020: PRA Health Sciences
Another trend that is worth mentioning is remote patient monitoring. PRA Health Sciences (PRAH Stock Report) is one of the proponents of this. This came after the company teamed up with tech giant Microsoft (MSFT Stock Report) to boost its so-called Health Harmony Covid-19 monitoring program. A monitoring program is a form of AI-driven technology. Its purpose is to collect data outside of conventional health care settings and carefully monitor patient health status on an ongoing basis.
From the partnership with Microsoft, patients can now monitor symptoms and self-manage their Covid-19 related care. Also, the app is allowing patients more control and greater access to individualized health care on their own devices and schedule. Since its inception, thousands of users from all over the world have downloaded the PRA Health Harmony app and enrolled under the Covid-19 Monitoring Program. PRAH stock has climbed 50% since the coronavirus-induced market sell-off in March. Yet, the stock is still 12% down year to date. With all being said, can PRAH stock rally during the second wave of the pandemic?
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Top AI Health Care Stocks To Watch In June 2020: Masimo Corporation
Last on the list, Masimo Corporation (MASI Stock Report) develops, manufactures, and markets a family of non-invasive monitoring systems. The company has seen its stock grow by about 40% from $158 at the beginning of the year to $226 currently, outperforming the broader indices.
Masimo recently announced the full market release of Masimo SafetyNet, which is an economically scalable cloud-based patient management solution. This allows clinicians to provide care for patients in hospital settings and non-conventional settings remotely. The best part of this solution? It has no borders and is available globally, this could assist clinicians and health care workers to fight the novel coronavirus more efficiently. Furthermore, the ability of this solution to monitor patients remotely could prove useful with or without a pandemic. As such, could MASI stock continue its rally beyond the pandemic?