GRAIL, Inc. $GRAL Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its GRAIL stake by 15.1% in the second quarter, bringing its holdings to 154,127 shares valued at approximately $10.5 million. Several other institutional investors also raised their positions, including Russell Investments, which boosted its stake by 255.6%.
• GRAIL shares opened at $80.56, near a 52-week range of $31.75 to $118.84. The company exceeded quarterly expectations, reporting an adjusted loss of $2.56 per share versus the expected $2.66 loss and revenue of $44.69 million versus the $42.39 million forecast.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and average price target of $67.78. Meanwhile, CEO Joshua Ofman and CFO Aaron Freidin sold shares under pre-arranged Rule 10b5-1 trading plans.

Bank of New York Mellon Corp grew its stake in shares of GRAIL, Inc. (NASDAQ:GRAL - Free Report) by 15.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 154,127 shares of the company's stock after purchasing an additional 20,213 shares during the period. Bank of New York Mellon Corp owned approximately 0.36% of GRAIL worth $10,522,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of GRAL. State of Wyoming increased its stake in shares of GRAIL by 124.8% during the 2nd quarter. State of Wyoming now owns 3,982 shares of the company's stock worth $272,000 after purchasing an additional 2,211 shares in the last quarter. GSA Capital Partners LLP acquired a new position in GRAIL in the 2nd quarter valued at $710,000. Russell Investments Group Ltd. lifted its stake in shares of GRAIL by 255.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 28,403 shares of the company's stock worth $1,939,000 after purchasing an additional 20,416 shares during the period. HighTower Advisors LLC lifted its stake in shares of GRAIL by 3.5% during the 2nd quarter. HighTower Advisors LLC now owns 40,565 shares of the company's stock worth $2,769,000 after purchasing an additional 1,357 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of GRAIL by 6.9% during the second quarter. Principal Financial Group Inc. now owns 42,535 shares of the company's stock worth $2,904,000 after purchasing an additional 2,738 shares during the last quarter.

Insiders Place Their Bets

In related news, CEO Joshua J. Ofman sold 5,000 shares of GRAIL stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $85.02, for a total transaction of $425,100.00. Following the sale, the chief executive officer directly owned 397,271 shares in the company, valued at $33,775,980.42. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aaron Freidin sold 7,900 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $21,514,585.83. The trade was a 3.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.83% of the stock is currently owned by company insiders.

GRAIL Stock Up 1.0%

Shares of NASDAQ GRAL opened at $80.56 on Thursday. The firm's 50-day moving average price is $71.97 and its two-hundred day moving average price is $62.96. GRAIL, Inc. has a 52-week low of $31.75 and a 52-week high of $118.84. The stock has a market capitalization of $3.60 billion, a P/E ratio of -8.26 and a beta of 3.25.

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

Analyst Upgrades and Downgrades

GRAL has been the topic of a number of research analyst reports. The Goldman Sachs Group initiated coverage on GRAIL in a report on Friday, June 5th. They issued a "neutral" rating and a $60.00 target price on the stock. Piper Sandler boosted their price objective on shares of GRAIL from $54.00 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of GRAIL in a report on Friday, July 17th. Robert W. Baird set a $70.00 price target on GRAIL in a report on Wednesday, May 6th. Finally, Wall Street Zen upgraded GRAIL from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $67.78.

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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