For a healthcare stock like GE Healthcare (NASDAQ:GEHC), one of the best things that can happen is approval from the Food and Drug Administration (FDA). It opens up a whole new potential line of business, and for GE Healthcare, that’s just what happened today. As a result, GE Healthcare is up over 2% in Thursday afternoon’s trading.
The device in question getting the nod from the FDA is the Novii+ Wireless Patch system, a system geared toward wireless monitoring of expecting mothers and their fetuses. It’s geared toward those mothers who are at least 34 weeks into a pregnancy and serves as a means to track things like heart rates for both mother and baby, as well as uterine activity without requiring the mother to actually stop and stay still for any length of time.
More Advances Are on Tap
That’s good news for GE Healthcare and its investors, but it only gets better from there. There are more advances that will likely be making their way forward directly. For instance, just yesterday, GE Healthcare announced the Prucka 3 with CardioLab EP Recording system, a setup geared toward helping doctors spot and ultimately treat cardiac arrhythmias. Meanwhile, GE Healthcare also made new hires in artificial intelligence (AI) development. As such, the Chief AI Officer (CAIO) is increasingly becoming a new and highly paid position in many tech firms, with GE Healthcare proving no exception.
Is GE Healthcare a Good Stock to Buy Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GEHC stock based on three Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 6.21% rally in its share price over the past year, the average GEHC price target of $80.17 per share implies 7.12% upside potential.
