Tempus AI jumps after multi-year deals with AstraZeneca, Pathos AI

Shares of genetics testing firm Tempus AI TEM.O up 16.8% to $50.40, nearly one-mth high, on Weds after announcing multi-year collaborations with British drugmaker AstraZeneca AZN.L and Pathos AI

Chicago, Illinois-based co early Weds said will work together to build multimodal foundation model in oncology which can be used to gather biological and clinical insights, discover novel drug targets, develop therapeutics for broader oncology community

Agreements include $200 mln in data licensing and model development fees to Tempus, co said

The agreement with AstraZeneca expands on strategic partnership announced in 2021

With move on the session, TEM shares up ~50% YTD. Stock hit intraday record high of $91.45 on Feb 14

Tempus, backed by Japan's SoftBank 9984.T, went public last Jun in IPO priced at $37

Of 12 analysts covering TEM, recommendation breakdown is 6 "strong buy" or "buy", rest "hold" and the median PT is $62, LSEG data shows