Guardant Health (NASDAQ:GH) Price Target Raised to $205.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group raised Guardant Health’s price target from $135 to $205 and kept a buy rating, implying about 29.4% upside from the current price.
• Other analysts have also turned more bullish, with firms like Citigroup, Sanford C. Bernstein, and JPMorgan lifting their targets; the stock now has a consensus rating of Moderate Buy and an average target of $158.74.
• Guardant Health shares were trading at $158.40, near their 52-week high of $174.08, while insiders have recently sold shares and institutions own about 92.6% of the company.

Guardant Health (NASDAQ:GH - Get Free Report) had its target price boosted by equities research analysts at Canaccord Genuity Group from $135.00 to $205.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 29.42% from the company's current price.

Several other research firms have also issued reports on GH. JPMorgan Chase & Co. increased their target price on shares of Guardant Health from $130.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Sanford C. Bernstein lifted their price target on Guardant Health from $175.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, July 2nd. Citigroup upped their price target on Guardant Health from $150.00 to $215.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. UBS Group set a $150.00 price target on Guardant Health in a research report on Wednesday, June 24th. Finally, TD Cowen reiterated a "buy" rating on shares of Guardant Health in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Guardant Health currently has a consensus rating of "Moderate Buy" and an average target price of $158.74.

Guardant Health Stock Performance

Shares of NASDAQ GH opened at $158.40 on Tuesday. The company has a market capitalization of $21.00 billion, a PE ratio of -46.73 and a beta of 1.59. The company's fifty day moving average price is $128.92 and its 200 day moving average price is $108.75. Guardant Health has a 1 year low of $40.35 and a 1 year high of $174.08.

Insider Transactions at Guardant Health

In other news, insider Chris Freeman sold 24,406 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $118.67, for a total value of $2,896,260.02. Following the completion of the sale, the insider directly owned 60,034 shares in the company, valued at $7,124,234.78. This represents a 28.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Meghan V. Joyce sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $126.98, for a total transaction of $1,269,800.00. Following the completion of the transaction, the director directly owned 11,183 shares in the company, valued at approximately $1,420,017.34. This represents a 47.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 708,681 shares of company stock worth $90,566,438 in the last quarter. 5.60% of the stock is owned by insiders.

Institutional Trading of Guardant Health

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Guardant Health by 14.5% in the 2nd quarter. GAMMA Investing LLC now owns 965 shares of the company's stock worth $145,000 after purchasing an additional 122 shares in the last quarter. Allworth Financial LP grew its position in shares of Guardant Health by 19.5% in the third quarter. Allworth Financial LP now owns 844 shares of the company's stock valued at $53,000 after purchasing an additional 138 shares in the last quarter. Eastern Bank increased its holdings in shares of Guardant Health by 6.9% in the fourth quarter. Eastern Bank now owns 2,160 shares of the company's stock valued at $221,000 after purchasing an additional 139 shares during the last quarter. First Pacific Financial increased its holdings in shares of Guardant Health by 33.1% in the first quarter. First Pacific Financial now owns 559 shares of the company's stock valued at $52,000 after purchasing an additional 139 shares during the last quarter. Finally, Xponance LLC lifted its position in Guardant Health by 2.1% during the fourth quarter. Xponance LLC now owns 9,630 shares of the company's stock worth $984,000 after buying an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company's stock.

About Guardant Health

Guardant Health, Inc is a precision oncology company specializing in blood-based cancer diagnostics. Founded in 2012 and headquartered in Redwood City, California, the company develops non-invasive tests that use circulating tumor DNA (ctDNA) to profile genomic alterations in patients with solid tumors. Guardant Health's mission is to advance cancer care by providing actionable data to clinicians, pharmaceutical partners and researchers worldwide.

The company's flagship product, Guardant360, is a next-generation sequencing (NGS) assay designed to detect mutations, copy number variations and select fusions in more than 70 cancer-related genes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.