Canaccord Genuity Group Forecasts Strong Price Appreciation for Guardant Health (NASDAQ:GH) Stock

Guardant Health (NASDAQ:GH) had its price target upped by Canaccord Genuity Group from $42.00 to $60.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 39.96% from the stock’s previous close.

GH has been the topic of a number of other reports. Stifel Nicolaus boosted their target price on shares of Guardant Health from $45.00 to $53.00 and gave the stock a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their price objective on Guardant Health from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday. Barclays began coverage on Guardant Health in a research report on Thursday, January 23rd. They issued an “overweight” rating and a $60.00 price target for the company. Guggenheim reiterated a “buy” rating on shares of Guardant Health in a research report on Wednesday, January 22nd. Finally, Sanford C. Bernstein dropped their target price on Guardant Health from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Eighteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $46.00.

Guardant Health Price Performance

Shares of NASDAQ:GH opened at $42.87 on Monday. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of -12.04 and a beta of 1.32. Guardant Health has a 12 month low of $15.81 and a 12 month high of $50.89. The stock’s 50 day moving average price is $40.19 and its 200 day moving average price is $31.57.

Guardant Health (NASDAQ:GH) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($0.15). The firm had revenue of $201.81 million for the quarter, compared to analyst estimates of $192.50 million. Guardant Health had a negative net margin of 59.05% and a negative return on equity of 19,157.20%. On average, sell-side analysts expect that Guardant Health will post -2.9 EPS for the current year.

Insider Transactions at Guardant Health

In related news, Director Musa Tariq sold 2,320 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $35.00, for a total transaction of $81,200.00. Following the completion of the transaction, the director now directly owns 2,676 shares in the company, valued at $93,660. This represents a 46.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 2,768 shares of company stock worth $98,798. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lord Abbett & CO. LLC acquired a new position in shares of Guardant Health in the third quarter valued at $15,624,000. Guyasuta Investment Advisors Inc. bought a new stake in Guardant Health in the 4th quarter valued at $206,000. Cerity Partners LLC increased its holdings in Guardant Health by 54.6% in the 3rd quarter. Cerity Partners LLC now owns 195,008 shares of the company’s stock valued at $4,473,000 after buying an additional 68,883 shares during the period. Geode Capital Management LLC raised its stake in shares of Guardant Health by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,822,220 shares of the company’s stock valued at $64,754,000 after buying an additional 29,686 shares in the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Guardant Health during the 4th quarter worth about $377,000. Institutional investors own 92.60% of the company’s stock.

Guardant Health Company Profile

Guardant Health, Inc, a precision oncology company, provides blood and tissue tests, data sets, and analytics in the United States and internationally. The company provides Guardant360; Guardant360 LDT; Guardant360 CDx Test; Guardant360 Response Test; Guardant360 TissueNext Test; GuardantINFINITY Test; GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies; GuardantOMNI Test for advanced stage cancer; and GuardantINFORM, an in-silico research platform for tumor evolution and treatment resistance across various biomarker-driven cancers.