LVGO - This New Google-Backed Healthcare IPO Could Be Hotter Than Snowflake
The Snowflake (NYSE: SNOW) IPO is top of mind on Wall Street these days. It's the latest and hottest new tech issue that's gotten investors into a frenzy, sending the stock to just under $254 on its first day, up 111% from its IPO price of $120. And with a big name like Warren Buffett as a backer, it's easy to see why there's so much hype surrounding the stock.
However, Snowflake may not be the best play right now for investors looking to buy an IPO. There's a big healthcare stock that debuted on Thursday that investors should take a closer look at: American Well, also known as Amwell.
Amwell is a Boston-based telemedicine stock that's also one of Teladoc's (NYSE: TDOC) main rivals. Demand for virtual care has been booming this year amid the coronavirus pandemic, with many patients preferring to visit a doctor digitally rather than in person. It's not just a trend among young people, either; many seniors are also using telehealth services. Healthinsurance.com conducted a survey of Medicare-eligible seniors in July and found that 61% of them "embraced technology more during the COVID pandemic," and that use of telemedicine services among seniors was up 300%.