Palantir won a three-year contract with the FDA

Palantir won a three-year contract with the FDA

The company's stock jumped amid news development

According to Bloomberg's data, Palantir has recently won a three-year contract with the US Food and Drug Administration. According to the report, the deal is worth $44.4 million. Following the agreement, Palantir will perform drug reviews and inspections.

The deal comes after Palantir had a great Q3 2020 earnings report. Its first report since it became a publicly traded company showed that its revenue grew by 52% to $289 million, topping the $279.3 million consensus. The governmental deals brought Palantir more than $163 million in the past quarter.

In Q4, Palantir is looking for revenues of $300 million, while the market has predicted $296 million.

Following the news, Palantir stock price added 21%. Since September 30, when it went public, its shares jumped 200%.

Read here about how Palantir has performed in Q3!

Sources: cnbc.com, reuters.com

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