Grail (NASDAQ:GRAL) Shares Gap Up - Here's Why

Grail, Inc. (NASDAQ:GRAL - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $37.50, but opened at $39.49. Grail shares last traded at $39.12, with a volume of 483,358 shares.

Analyst Ratings Changes

GRAL has been the topic of several research reports. Canaccord Genuity Group lifted their price objective on Grail from $32.00 to $43.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Morgan Stanley lifted their price target on Grail from $16.00 to $20.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 18th.

Grail Trading Up 3.8%

The company has a market capitalization of $1.44 billion and a P/E ratio of -0.66. The company's 50 day moving average is $32.44 and its 200-day moving average is $28.72.

Grail (NASDAQ:GRAL - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($3.10) earnings per share for the quarter, topping analysts' consensus estimates of ($4.03) by $0.93. The business had revenue of $31.84 million during the quarter, compared to analysts' expectations of $35.80 million. Analysts predict that Grail, Inc. will post -15.15 EPS for the current fiscal year.

Insider Transactions at Grail

In other Grail news, President Joshua J. Ofman sold 2,109 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $31.20, for a total transaction of $65,800.80. Following the completion of the sale, the president now directly owns 559,673 shares in the company, valued at approximately $17,461,797.60. The trade was a 0.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aaron Freidin sold 1,816 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $31.20, for a total value of $56,659.20. Following the transaction, the chief financial officer now directly owns 335,170 shares in the company, valued at $10,457,304. The trade was a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,948 shares of company stock worth $6,583,130. Corporate insiders own 1.85% of the company's stock.

Hedge Funds Weigh In On Grail

Institutional investors and hedge funds have recently made changes to their positions in the business. Lindbrook Capital LLC purchased a new stake in Grail during the fourth quarter valued at approximately $28,000. State of Tennessee Department of Treasury bought a new stake in shares of Grail during the 4th quarter valued at $28,000. Caldwell Sutter Capital Inc. purchased a new position in shares of Grail during the 1st quarter valued at $28,000. Sterling Capital Management LLC bought a new position in Grail in the 4th quarter worth $29,000. Finally, Wellington Shields Capital Management LLC purchased a new stake in Grail in the 4th quarter worth $33,000.

About Grail

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.