Eventide Asset Management LLC Reduces Holdings in Guardant Health, Inc. $GH

Key Points

• Eventide Asset Management LLC has reduced its stake in Guardant Health, Inc. by 6.3%, selling 241,199 shares, which now represents 3.0% of their portfolio.
• Guardant Health's stock has received multiple upgrades from analysts, with Mizuho and Raymond James raising their price targets, resulting in a consensus target price of $57.50.
• During the last quarter, insiders sold a significant number of shares, with total sales reaching $11.77 million, indicating potential bearish sentiment among company leadership.

Eventide Asset Management LLC lessened its position in Guardant Health, Inc. (NASDAQ:GH - Free Report) by 6.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,566,738 shares of the company's stock after selling 241,199 shares during the period. Guardant Health makes up 3.0% of Eventide Asset Management LLC's investment portfolio, making the stock its 2nd largest holding. Eventide Asset Management LLC owned 2.88% of Guardant Health worth $151,953,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in shares of Guardant Health during the 1st quarter worth $54,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Guardant Health during the fourth quarter valued at approximately $61,000. GF Fund Management CO. LTD. bought a new stake in shares of Guardant Health in the 4th quarter worth $79,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Guardant Health in the first quarter valued at $97,000. Finally, CWM LLC increased its holdings in shares of Guardant Health by 180.3% in the first quarter. CWM LLC now owns 2,296 shares of the company's stock valued at $98,000 after buying an additional 1,477 shares in the last quarter. Institutional investors and hedge funds own 92.60% of the company's stock.

Wall Street Analyst Weigh In

GH has been the topic of several research analyst reports. BTIG Research boosted their price target on shares of Guardant Health from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Mizuho upped their price objective on shares of Guardant Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, June 13th. Scotiabank upped their price objective on shares of Guardant Health from $57.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. Evercore ISI upgraded shares of Guardant Health to a "strong-buy" rating in a report on Monday, July 14th. Finally, Raymond James Financial upped their price target on shares of Guardant Health from $59.00 to $61.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $58.24.

Insider Transactions at Guardant Health

In other news, CEO Amirali Talasaz sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $50.88, for a total transaction of $5,088,000.00. Following the completion of the sale, the chief executive officer owned 1,971,830 shares of the company's stock, valued at approximately $100,326,710.40. This represents a 4.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Myrtle S. Potter sold 2,626 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $49.70, for a total transaction of $130,512.20. Following the completion of the transaction, the director directly owned 18,180 shares of the company's stock, valued at approximately $903,546. The trade was a 12.62% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,258 shares of company stock valued at $5,880,919. Corporate insiders own 6.10% of the company's stock.

Guardant Health Trading Down 1.9%

NASDAQ:GH traded down $1.13 during mid-day trading on Tuesday, hitting $59.04. The company's stock had a trading volume of 1,429,973 shares, compared to its average volume of 2,386,734. Guardant Health, Inc. has a fifty-two week low of $20.14 and a fifty-two week high of $68.00. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of -17.62 and a beta of 1.45. The stock has a fifty day moving average of $53.28 and a 200-day moving average of $47.30.

Guardant Health (NASDAQ:GH - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.08. The business had revenue of $232.09 million during the quarter, compared to analyst estimates of $211.19 million. During the same period last year, the company earned ($0.84) EPS. The business's revenue for the quarter was up 31.0% on a year-over-year basis. Guardant Health has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Guardant Health, Inc. will post -2.9 earnings per share for the current fiscal year.

About Guardant Health

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.