Scotiabank Boosts Guardant Health (NASDAQ:GH) Price Target to $60.00

Key Points

• Guardant Health's price target was raised from $57.00 to $60.00 by Scotiabank, indicating a potential upside of 40.57% based on the company's current share price.
• Multiple research firms have increased their price targets for Guardant Health, with Mizuho and Canaccord Genuity setting targets at $65.00, and Raymond James at $61.00, reinforcing a consensus rating of "Buy" among analysts.
• Guardant Health recently reported a revenue of $203.47 million for the quarter, surpassing expectations and showing a year-over-year increase of 20.8%.

Guardant Health (NASDAQ:GH - Get Free Report) had its price target raised by equities researchers at Scotiabank from $57.00 to $60.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price target suggests a potential upside of 42.91% from the stock's current price.

GH has been the subject of several other reports. TD Securities upped their price objective on Guardant Health from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Piper Sandler restated an "overweight" rating and set a $60.00 price objective (up from $50.00) on shares of Guardant Health in a research report on Tuesday, May 6th. Canaccord Genuity Group upped their price objective on Guardant Health from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Stifel Nicolaus upped their price objective on Guardant Health from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Mizuho upped their price objective on Guardant Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Nineteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Guardant Health currently has an average rating of "Buy" and a consensus price target of $54.95.

Guardant Health Price Performance

GH traded up $0.56 during trading on Thursday, hitting $41.98. The stock had a trading volume of 286,108 shares, compared to its average volume of 2,306,255. The company has a 50 day moving average price of $47.21 and a 200-day moving average price of $45.00. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of -12.58 and a beta of 1.43. Guardant Health has a one year low of $20.14 and a one year high of $53.42.

Guardant Health (NASDAQ:GH - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.44) earnings per share for the quarter, beating analysts' consensus estimates of ($0.52) by $0.08. The company had revenue of $232.09 million for the quarter, compared to the consensus estimate of $211.19 million. The business's revenue was up 31.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.84) earnings per share. As a group, sell-side analysts predict that Guardant Health will post -2.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ian T. Clark sold 6,672 shares of Guardant Health stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $48.38, for a total transaction of $322,791.36. Following the sale, the director directly owned 9,851 shares in the company, valued at approximately $476,591.38. This trade represents a 40.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Amirali Talasaz sold 100,000 shares of Guardant Health stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $50.88, for a total value of $5,088,000.00. Following the sale, the chief executive officer owned 1,971,830 shares in the company, valued at $100,326,710.40. This trade represents a 4.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 235,516 shares of company stock valued at $11,848,754. 6.10% of the stock is currently owned by company insiders.

Institutional Trading of Guardant Health

A number of large investors have recently bought and sold shares of the company. Signaturefd LLC increased its position in Guardant Health by 50.5% in the second quarter. Signaturefd LLC now owns 635 shares of the company's stock worth $33,000 after buying an additional 213 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Guardant Health by 13.5% in the fourth quarter. NewEdge Advisors LLC now owns 1,929 shares of the company's stock valued at $59,000 after purchasing an additional 230 shares in the last quarter. American Century Companies Inc. grew its position in shares of Guardant Health by 0.3% in the first quarter. American Century Companies Inc. now owns 104,206 shares of the company's stock valued at $4,439,000 after purchasing an additional 282 shares in the last quarter. IFP Advisors Inc grew its position in shares of Guardant Health by 120.1% in the second quarter. IFP Advisors Inc now owns 612 shares of the company's stock valued at $33,000 after purchasing an additional 334 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its position in shares of Guardant Health by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,346 shares of the company's stock valued at $377,000 after purchasing an additional 391 shares in the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

Guardant Health Company Profile

Guardant Health, Inc, a precision oncology company, provides blood and tissue tests, data sets, and analytics in the United States and internationally. The company provides Guardant360; Guardant360 LDT; Guardant360 CDx Test; Guardant360 Response Test; Guardant360 TissueNext Test; GuardantINFINITY Test; GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies; GuardantOMNI Test for advanced stage cancer; and GuardantINFORM, an in-silico research platform for tumor evolution and treatment resistance across various biomarker-driven cancers.