In a report released today, Mark Massaro from Canaccord Genuity maintained a Buy rating on Guardant Health Inc (GH – Research Report), with a price target of $90. The company’s shares closed yesterday at $74.02.
“We were hoping to initiate coverage of GH sooner, but we find ourselves in the same situation as investors asking, “Is the 290% move up since its Oct. ’18 IPO justified and is the stock going higher from here?” We say “yes” to both. We view Guardant Health as the leader in liquid biopsy cancer testing, laser focused on building on its mass of data, proving the clinical and economic utility of its tests, to (1) help cancer patients live longer (on the right targeted therapies) for therapy selection; 2) perform recurrence monitoring of the ~15M American cancer survivors today; and later (3) screening ~35M “higher-risk” Americans for cancer with a simple blood test, across a range of cancers, at a combined US-alone TAM of ~$39B. Meanwhile, GH looks to replicate its work OUS, initially in Japan. We initiate with a BUY rating and $90 PT, which uses a 12.8x multiple to our 2025 rev.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 17.5% and a 60.6% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Guardant Health Inc with a $79.67 average price target, which is a 7.6% upside from current levels. In a report issued on April 1, J.P. Morgan also reiterated a Buy rating on the stock with a $85 price target.
The company has a one-year high of $106.58 and a one-year low of $27.04. Currently, Guardant Health Inc has an average volume of 1.02M.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GH in relation to earlier this year.
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Guardant Health, Inc. is a precision oncology company, which engages in provision of precision oncology testing and development services. It focuses performing blood tests, vast data sets, and advanced analytics to conquer cancer. The company was founded by Helmy Eltoukhy and AmirAli H. Talasaz in 2012 and is headquartered in Redwood City, CA.