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Appian has been on fire lately. In the past six months alone, the company’s stock price has rocketed 129%, reaching $49.88 per share. This was partly due to its solid quarterly results, and the run-up might have investors contemplating their next move.

Appian [Nasdaq: APPN] and PSI CRO announced today the launch of their first joint AI-powered process orchestration solution. The new offering automates clinical trial site identification and selection across therapeutic areas, indications, and geographies.

Appian has raced higher over the past year, and with the stock recently closing at US$52.35, the obvious question is whether that share price still lines up with the cash the business can generate over time. The stock has returned 65.6% over the past year, which puts real pressure on the question of whether the current valuation is fully supported by its underlying cash flows. Recent commentary around stronger execution, faster cloud growth and improving federal demand suggests investors may...

Enthusiasm for the company's next earnings report is only one catalyst for this AI stock's rise.
