GRAIL (NASDAQ:GRAL) Shares Gap Down Following Weak Earnings

Key Points

• GRAIL, Inc. shares gapped down to $32.51 before trading on Wednesday after reporting weaker-than-expected earnings of ($3.18) per share, missing analysts' estimates of ($3.14) by $0.04.
• The company reported revenue of $35.54 million for the quarter, which fell short of the consensus estimate of $37.57 million.
• Analyst Canaccord Genuity upgraded GRAIL's price target from $32.00 to $43.00 and assigned the stock a "buy" rating following the earnings report.

GRAIL, Inc. (NASDAQ:GRAL - Get Free Report)'s stock price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $33.60, but opened at $32.51. GRAIL shares last traded at $33.58, with a volume of 356,588 shares traded.

The company reported ($3.18) earnings per share for the quarter, missing analysts' consensus estimates of ($3.14) by ($0.04). GRAIL had a negative net margin of 1,464.53% and a negative return on equity of 17.99%. The business had revenue of $35.54 million during the quarter, compared to the consensus estimate of $37.57 million.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group increased their price target on GRAIL from $32.00 to $43.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th.

Insiders Place Their Bets

In other GRAIL news, President Joshua J. Ofman sold 9,692 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $52.00, for a total transaction of $503,984.00. Following the transaction, the president owned 492,076 shares in the company, valued at $25,587,952. This trade represents a 1.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Aaron Freidin sold 8,000 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $38.93, for a total value of $311,440.00. Following the transaction, the chief financial officer owned 286,020 shares in the company, valued at $11,134,758.60. The trade was a 2.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 357,492 shares of company stock worth $17,645,718 in the last 90 days.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. acquired a new stake in shares of GRAIL during the 4th quarter worth $214,000. LPL Financial LLC acquired a new stake in shares of GRAIL during the 4th quarter worth $244,000. Vanguard Group Inc. acquired a new stake in shares of GRAIL during the 4th quarter worth $25,902,000. Wellington Management Group LLP acquired a new stake in shares of GRAIL during the 4th quarter worth $408,000. Finally, Alliancebernstein L.P. acquired a new stake in shares of GRAIL during the 4th quarter worth $250,000.

GRAIL Stock Performance

The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -0.55 and a beta of 3.26. The firm has a fifty day moving average price of $40.50 and a 200-day moving average price of $36.17.

GRAIL Company Profile

GRAIL, Inc operates as a commercial-stage healthcare company, which engages in the development of a technology for early detection of cancer. It utilizes machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. The company was founded by Jeffrey T.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.