Scotiabank bullish on HEALWELL AI

Another bank has initiated coverage of HEALWELL AI (HEALWELL AI Stock Quote, Chart, News, Analysts, Financials TSX:AIDX) with a bullish target.

As reported by the Globe and Mail with, Scotiabank analyst Kevin Krishnaratne April 30 initiated coverage of AIDX with a “Sector Outperform” rating and 12-month price target of $2.50.

The analyst says the company has numerous ways to positively affect healthcare outcomes.

“We believe AIDX is in the early stages of its pursuit to drive better patient outcomes by leveraging its AI and natural language processing (NLP) expertise to detect early signals of rare and complex diseases within the noise of unstructured healthcare data across electronic medical record (EMR) systems, health information exchanges (HIEs), clinical notes, medical images, among many other sources,” Krishnaratne wrote. “Healthcare software provides defensive, recurring, and profitable global business and serves as a key distribution channel for current and future AI products.”

HEALWELL AI is a Toronto-based healthcare technology company specializing in artificial intelligence (AI) and data science for preventative care. Founded in 2012 and formerly known as MCI Onehealth Technologies, the company rebranded to HEALWELL AI in October 2023 to reflect its focus on AI-driven healthcare solutions.​

Disclosure: Cantech Letter’s Nick Waddell owns shares of HEALWELL AI.