Renaissance Technologies LLC Sells 30,100 Shares of GRAIL, Inc. $GRAL

Key Points

• Renaissance Technologies cut its GRAIL stake by 35.3% in the first quarter, selling 30,100 shares and retaining 55,200 shares worth approximately $2.85 million.
• Other institutional investors, including JPMorgan Chase, UBS Asset Management and Royal Bank of Canada, increased their positions, while an insider separately sold 1,491 shares for about $91,000.
• GRAIL reported a quarterly loss of $2.56 per share but exceeded revenue expectations with $44.69 million. Analysts have an overall “Hold” rating, with an average price target of $67.78 versus the stock’s reported opening price of $69.48.

Renaissance Technologies LLC lessened its holdings in GRAIL, Inc. (NASDAQ:GRAL - Free Report) by 35.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,200 shares of the company's stock after selling 30,100 shares during the period. Renaissance Technologies LLC owned approximately 0.13% of GRAIL worth $2,853,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GRAL. Royal Bank of Canada boosted its position in GRAIL by 17.7% in the first quarter. Royal Bank of Canada now owns 88,082 shares of the company's stock worth $2,250,000 after purchasing an additional 13,264 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of GRAIL by 28.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,835 shares of the company's stock valued at $76,000 after purchasing an additional 623 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of GRAIL by 390.3% during the 1st quarter. NewEdge Advisors LLC now owns 1,760 shares of the company's stock worth $45,000 after purchasing an additional 1,401 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of GRAIL by 37.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 92,465 shares of the company's stock worth $2,362,000 after purchasing an additional 25,177 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of GRAIL by 115.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 79,544 shares of the company's stock worth $4,090,000 after buying an additional 42,675 shares during the last quarter.

Insider Transactions at GRAIL

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

GRAIL Stock Performance

Shares of GRAL opened at $69.48 on Monday. The company has a market cap of $3.10 billion, a PE ratio of -7.13 and a beta of 3.24. The stock has a 50-day moving average price of $66.71 and a 200-day moving average price of $66.29. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported ($2.56) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $44.69 million for the quarter, compared to analysts' expectations of $42.39 million. As a group, analysts predict that GRAIL, Inc. will post -10.93 earnings per share for the current year.

Analysts Set New Price Targets

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

About GRAIL

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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