Oracle (ORCL:NYE) has formed a partnership with the U.S. Food and Drug Administration to expand its artificial intelligence (AI) footprint. Oracle will be able to offer AI tools created by its subsidiary Cerner Enviza to assist the FDA’s drug safety Sentinel Initiative extract information from clinical notes in electronic health records. The tools, which were created in collaboration with John Snow Labs, are intended to provide insights into the impact of medications on large populations, thereby aiding in the resolution of unstructured data issues.
The two-year agreement highlights the significance of machine learning and natural language processing (NLP) technology in resolving data issues in the healthcare and life sciences.
Oracle’s cloud business is optimistic, according to Guggenheim analyst John DiFucci, who has reiterated his Buy rating on the stock with a $115.00 Oracle stock price target. ORCL stock has a consensus rating of Buy, based on 12 Buy ratings and 12 Hold ratings, with an average Oracle stock price target of $91.59, implying a 6.7% upside from current levels. The stock price has risen by 12.4% thus far in 2023.
