Bank of America Corp DE Purchases 205,611 Shares of GRAIL, Inc. $GRAL

Key Points

• Bank of America increased its GRAIL stake by 29% in the first quarter, buying 205,611 additional shares to hold 914,114 shares valued at approximately $47.2 million, or 2.13% of the company.
• GRAIL reported quarterly revenue of $44.69 million and an adjusted loss of $2.56 per share, exceeding analysts’ expectations, but remains deeply unprofitable with a negative net margin of 236.95%.
• Shares were recently trading at $68.94 after an 8.7% decline. Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $67.78.

Bank of America Corp DE raised its holdings in shares of GRAIL, Inc. (NASDAQ:GRAL - Free Report) by 29.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 914,114 shares of the company's stock after purchasing an additional 205,611 shares during the quarter. Bank of America Corp DE owned approximately 2.13% of GRAIL worth $47,241,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its stake in shares of GRAIL by 27.9% during the 1st quarter. California State Teachers Retirement System now owns 44,470 shares of the company's stock valued at $2,298,000 after buying an additional 9,696 shares in the last quarter. Empowered Funds LLC purchased a new position in GRAIL in the 1st quarter valued at approximately $311,000. Gamco Investors INC. ET AL grew its stake in GRAIL by 170.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 66,758 shares of the company's stock valued at $3,450,000 after buying an additional 42,100 shares in the last quarter. Sei Investments Co. raised its holdings in GRAIL by 53.0% during the 1st quarter. Sei Investments Co. now owns 12,092 shares of the company's stock valued at $625,000 after acquiring an additional 4,191 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of GRAIL by 3.5% during the first quarter. First Trust Advisors LP now owns 112,122 shares of the company's stock worth $5,794,000 after acquiring an additional 3,797 shares in the last quarter.

GRAIL Trading Down 8.7%

Shares of NASDAQ GRAL opened at $68.94 on Thursday. The business has a 50-day moving average of $67.39 and a 200-day moving average of $65.59. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of -7.07 and a beta of 3.24. GRAIL, Inc. has a 12 month low of $29.95 and a 12 month high of $118.84.

GRAIL (NASDAQ:GRAL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($2.56) earnings per share for the quarter, beating analysts' consensus estimates of ($2.66) by $0.10. The business had revenue of $44.69 million for the quarter, compared to the consensus estimate of $42.39 million. GRAIL had a negative net margin of 236.95% and a negative return on equity of 15.88%. On average, analysts predict that GRAIL, Inc. will post -10.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the company. TD Cowen restated a "buy" rating on shares of GRAIL in a research note on Wednesday, July 15th. Mizuho raised their price objective on shares of GRAIL from $58.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GRAIL in a report on Friday, July 17th. Wolfe Research began coverage on shares of GRAIL in a research note on Tuesday, June 2nd. They issued a "peer perform" rating on the stock. Finally, Robert W. Baird set a $70.00 price target on shares of GRAIL in a report on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $67.78.

Insider Activity

In related news, insider Andrew John Partridge sold 1,491 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $61.08, for a total value of $91,070.28. Following the completion of the transaction, the insider directly owned 163,738 shares in the company, valued at approximately $10,001,117.04. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.83% of the company's stock.

GRAIL Company Profile

GRAIL, Inc NASDAQ: GRAL is a biotechnology company dedicated to the early detection of cancer through a multi-cancer blood test. Leveraging advances in next-generation sequencing, cell-free DNA (cfDNA) analysis and machine learning, GRAIL has developed the Galleri™ test, which aims to identify more than 50 types of cancer at their earliest stages. The company's platform analyzes methylation patterns in circulating tumor DNA to pinpoint tumor presence and tissue of origin, enabling physicians to pursue timely diagnostic follow-up.

Founded in 2016 as a spin-out from Illumina, GRAIL established its headquarters in Menlo Park, California, with additional research and operations centers in the United Kingdom.

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