Bank of America Corp DE Takes Position in GRAIL, Inc. $GRAL

Key Points

• Bank of America acquired a new GRAIL stake of 723,437 shares valued at approximately $49.4 million, representing about 1.62% of the company.
• GRAIL reported quarterly revenue of $44.69 million and an adjusted loss of $2.56 per share, beating analyst estimates, but remains deeply unprofitable with a negative net margin of 236.95%.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and $70.30 price target versus the stock’s recent opening price of $80.77; the CFO and CEO also sold shares under pre-arranged trading plans.

Bank of America Corp DE purchased a new stake in shares of GRAIL, Inc. (NASDAQ:GRAL - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 723,437 shares of the company's stock, valued at approximately $49,389,000. Bank of America Corp DE owned approximately 1.62% of GRAIL as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Prosperity Consulting Group LLC raised its position in GRAIL by 6.9% in the 1st quarter. Prosperity Consulting Group LLC now owns 3,881 shares of the company's stock worth $201,000 after buying an additional 250 shares during the last quarter. Allworth Financial LP raised its holdings in shares of GRAIL by 47.3% during the fourth quarter. Allworth Financial LP now owns 894 shares of the company's stock valued at $77,000 after purchasing an additional 287 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in GRAIL in the fourth quarter worth approximately $28,000. Geneos Wealth Management Inc. grew its position in GRAIL by 160.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 585 shares of the company's stock worth $30,000 after purchasing an additional 360 shares during the period. Finally, 180 Wealth Advisors LLC raised its stake in GRAIL by 0.3% during the 2nd quarter. 180 Wealth Advisors LLC now owns 127,774 shares of the company's stock valued at $8,723,000 after buying an additional 427 shares during the last quarter.

GRAIL Stock Performance

Shares of GRAL opened at $80.77 on Monday. GRAIL, Inc. has a twelve month low of $39.29 and a twelve month high of $118.84. The company has a market cap of $3.61 billion, a P/E ratio of -8.28 and a beta of 3.25. The company's fifty day simple moving average is $74.12 and its 200-day simple moving average is $63.54.

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

Analyst Ratings Changes

A number of research firms recently commented on GRAL. Royal Bank Of Canada assumed coverage on GRAIL in a research report on Thursday. They set a "sector perform" rating and a $84.00 price objective for the company. Wall Street Zen raised GRAIL from a "sell" rating to a "hold" rating in a report on Sunday, September 13th. UBS Group set a $84.00 target price on shares of GRAIL in a report on Thursday. Wolfe Research started coverage on shares of GRAIL in a research note on Tuesday, June 2nd. They issued a "peer perform" rating for the company. Finally, Mizuho raised their price target on GRAIL from $58.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $70.30.

Insider Activity at GRAIL

In other news, CFO Aaron Freidin sold 7,900 shares of GRAIL stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $85.01, for a total transaction of $671,579.00. Following the completion of the sale, the chief financial officer directly owned 253,083 shares in the company, valued at approximately $21,514,585.83. This trade represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joshua J. Ofman sold 5,000 shares of the company's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $85.02, for a total transaction of $425,100.00. Following the completion of the transaction, the chief executive officer owned 397,271 shares in the company, valued at approximately $33,775,980.42. The trade was a 1.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.83% of the company's stock.

GRAIL Company Profile

GRAIL, Inc is a healthcare company focused on developing blood-based tests for the early detection of cancer. Its technology uses genomic and epigenomic signals, including patterns of DNA methylation, to identify signals associated with multiple cancer types from a single blood sample.

The company's primary product is Galleri, a prescription blood test designed to screen for signals of more than 50 types of cancer, including cancers that currently lack recommended screening methods. Galleri is intended to complement, not replace, guideline-recommended cancer screenings, and a positive result requires follow-up diagnostic testing to determine whether cancer is present and where it may be located.

GRAIL was founded in 2016 as a subsidiary of Illumina and became an independent publicly traded company following its separation from Illumina in 2021.

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