Eagle Health Investments LP Acquires New Position in Guardant Health, Inc. $GH

Key Points

• Eagle Health Investments acquired 300,685 Guardant Health shares worth approximately $45.1 million, making GH its third-largest portfolio holding and representing 7.5% of its portfolio. Institutional investors collectively own 92.6% of the company.
• Analysts remain broadly bullish, with 23 Buy ratings and an average price target of $183.78; several firms recently raised targets to between $193 and $205.
• Guardant Health reported stronger-than-expected quarterly results, including revenue of $335 million, up 44.3% year over year, and an adjusted loss of $0.42 per share versus the expected $0.76 loss. The stock opened at $163.34, near its 12-month high of $176.58.

Eagle Health Investments LP acquired a new position in Guardant Health, Inc. (NASDAQ:GH - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 300,685 shares of the company's stock, valued at approximately $45,112,000. Guardant Health comprises 7.5% of Eagle Health Investments LP's portfolio, making the stock its 3rd biggest position. Eagle Health Investments LP owned 0.22% of Guardant Health at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Wealthfront Advisers LLC bought a new stake in Guardant Health in the second quarter valued at approximately $458,000. Alpine Woods Capital Investors LLC purchased a new stake in Guardant Health in the second quarter worth $237,000. Deutsche Bank AG purchased a new stake in Guardant Health in the second quarter worth $24,385,000. Perigon Wealth Management LLC bought a new stake in Guardant Health in the second quarter valued at $1,073,000. Finally, Persistent Asset Partners Ltd bought a new stake in Guardant Health in the second quarter valued at $641,000. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Chris Freeman sold 63,605 shares of Guardant Health stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $169.58, for a total transaction of $10,786,135.90. Following the completion of the transaction, the insider directly owned 65,374 shares in the company, valued at approximately $11,086,122.92. This trade represents a 49.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amirali Talasaz sold 143,028 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $151.54, for a total value of $21,674,463.12. Following the completion of the sale, the chief executive officer directly owned 1,881,336 shares in the company, valued at approximately $285,097,657.44. This represents a 7.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 546,224 shares of company stock valued at $80,435,493. Insiders own 5.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on GH shares. Piper Sandler upped their price objective on shares of Guardant Health from $135.00 to $193.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Canaccord Genuity Group lifted their target price on shares of Guardant Health from $135.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Evercore reiterated an "outperform" rating and set a $200.00 price target on shares of Guardant Health in a research report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on shares of Guardant Health from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Finally, BTIG Research raised their price objective on shares of Guardant Health from $190.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $183.78.

Guardant Health Trading Up 2.0%

Shares of Guardant Health stock opened at $163.34 on Thursday. Guardant Health, Inc. has a 12 month low of $53.40 and a 12 month high of $176.58. The firm has a market capitalization of $21.92 billion, a P/E ratio of -46.80 and a beta of 1.60. The business has a fifty day simple moving average of $152.39 and a two-hundred day simple moving average of $117.95.

Guardant Health (NASDAQ:GH - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($0.42) earnings per share for the quarter, topping analysts' consensus estimates of ($0.76) by $0.34. The business had revenue of $334.98 million during the quarter, compared to analysts' expectations of $314.23 million. During the same period in the prior year, the company earned ($0.44) earnings per share. The firm's quarterly revenue was up 44.3% compared to the same quarter last year. Analysts predict that Guardant Health, Inc. will post -2.98 earnings per share for the current year.

About Guardant Health

Guardant Health, Inc is a precision oncology company specializing in blood-based cancer diagnostics. Founded in 2012 and headquartered in Redwood City, California, the company develops non-invasive tests that use circulating tumor DNA (ctDNA) to profile genomic alterations in patients with solid tumors. Guardant Health's mission is to advance cancer care by providing actionable data to clinicians, pharmaceutical partners and researchers worldwide.

The company's flagship product, Guardant360, is a next-generation sequencing (NGS) assay designed to detect mutations, copy number variations and select fusions in more than 70 cancer-related genes.

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