Grail (NASDAQ:GRAL) Trading Down 4.7% - Here's What Happened

Grail, Inc. (NASDAQ:GRAL - Get Free Report)'s share price traded down 4.7% during mid-day trading on Thursday . The company traded as low as $41.79 and last traded at $41.79. 279,269 shares changed hands during trading, a decline of 78% from the average session volume of 1,264,557 shares. The stock had previously closed at $43.87.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of Grail from $32.00 to $43.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Morgan Stanley raised their price target on shares of Grail from $16.00 to $20.00 and gave the company an "equal weight" rating in a report on Tuesday, March 18th.

Grail Stock Performance

The business's fifty day simple moving average is $35.06 and its 200-day simple moving average is $30.09. The firm has a market capitalization of $1.49 billion and a PE ratio of -0.68.

Grail (NASDAQ:GRAL - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($3.10) earnings per share for the quarter, beating 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. Sell-side analysts expect that Grail, Inc. will post -15.15 earnings per share for the current fiscal year.

Insider Activity at Grail

In other news, CEO Robert P. Ragusa sold 94,035 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $33.93, for a total value of $3,190,607.55. Following the completion of the sale, the chief executive officer now owns 734,627 shares of the company's stock, valued at approximately $24,925,894.11. This represents a 11.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Joshua J. Ofman sold 48,213 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $33.93, for a total transaction of $1,635,867.09. Following the completion of the sale, the president now directly owns 511,460 shares of the company's stock, valued at $17,353,837.80. The trade was a 8.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 183,398 shares of company stock worth $6,222,694. Insiders own 1.85% of the company's stock.

Institutional Investors Weigh In On Grail

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Lindbrook Capital LLC purchased a new position in shares of Grail in the fourth quarter worth $28,000. State of Tennessee Department of Treasury acquired a new stake in shares of Grail in the fourth quarter valued at about $28,000. Caldwell Sutter Capital Inc. acquired a new stake in shares of Grail in the first quarter valued at about $28,000. Sterling Capital Management LLC acquired a new stake in shares of Grail in the fourth quarter valued at about $29,000. Finally, Wellington Shields Capital Management LLC purchased a new position in shares of Grail in the fourth quarter worth about $33,000.

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.