Canaccord Genuity Reaffirms Buy Rating for Guardant Health (NASDAQ:GH)

Canaccord Genuity reaffirmed their buy rating on shares of Guardant Health (NASDAQ:GH) in a report issued on Wednesday morning, BenzingaRatingsTable reports. Canaccord Genuity currently has a $125.00 price objective on the stock, up from their prior price objective of $96.00.

GH has been the subject of a number of other reports. Bank of America upgraded Guardant Health from a neutral rating to a buy rating and set a $84.00 price target for the company in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lifted their target price on Guardant Health from $90.00 to $135.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Zacks Investment Research upgraded Guardant Health from a hold rating to a buy rating and set a $105.00 target price for the company in a research note on Wednesday, July 24th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $111.80.

NASDAQ:GH traded down $7.22 during mid-day trading on Wednesday, reaching $103.08. The stock had a trading volume of 2,161,441 shares, compared to its average volume of 889,274. The stock has a market cap of $9.61 billion and a P/E ratio of -36.81. Guardant Health has a 1-year low of $27.04 and a 1-year high of $112.21. The business has a 50 day simple moving average of $90.79.

Guardant Health (NASDAQ:GH) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.21. The business had revenue of $53.98 million during the quarter, compared to the consensus estimate of $35.97 million. Guardant Health had a negative return on equity of 22.93% and a negative net margin of 60.08%. The company’s revenue for the quarter was up 178.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.75) earnings per share. On average, analysts predict that Guardant Health will post -1.27 EPS for the current fiscal year.

In other Guardant Health news, CEO Helmy Eltoukhy sold 78,660 shares of Guardant Health stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $72.34, for a total value of $5,690,264.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ian T. Clark sold 9,683 shares of Guardant Health stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $89.75, for a total value of $869,049.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,033 shares of company stock valued at $6,694,514. 13.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC bought a new stake in shares of Guardant Health during the fourth quarter valued at approximately $13,612,000. Advantage Investment Management LLC raised its holdings in shares of Guardant Health by 200.0% during the second quarter. Advantage Investment Management LLC now owns 450 shares of the company’s stock valued at $39,000 after buying an additional 300 shares during the last quarter. First Midwest Bank Trust Division bought a new stake in shares of Guardant Health during the first quarter valued at approximately $649,000. Capital Impact Advisors LLC bought a new stake in shares of Guardant Health during the second quarter valued at approximately $1,682,000. Finally, Norges Bank bought a new stake in Guardant Health during the fourth quarter worth approximately $1,504,000. 69.84% of the stock is currently owned by institutional investors.

Guardant Health Company Profile

Guardant Health, Inc, a precision oncology company, provides blood tests, data sets, and analytics in the United States and internationally. The company offers liquid biopsy tests for advanced stage cancer, such as Guardant360, a molecular diagnostic test that measures various cancer-related genes; and GuardantOMNI, a broader gene panel, including genes associated with homologous recombination repair deficiency and biomarkers for immuno-oncology applications.

See Also: What is the NASDAQ Stock Market?

Analyst Recommendations for Guardant Health (NASDAQ:GH)

Receive News & Ratings for Guardant Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Guardant Health and related companies with MarketBeat.com's FREE daily email newsletter.