Guardant Health (NASDAQ:GH) Price Target Raised to $72.00 at TD Cowen

Key Points

• TD Cowen has raised the price target for Guardant Health's stock from $63.00 to $72.00, indicating a potential upside of 18.73% from its previous close.
• Guardant Health reported a quarterly revenue of $232.09 million, exceeding estimates and showing a 31.0% increase compared to the same quarter last year.
• Insider transactions showed significant stock sales by CEO Helmy Eltoukhy, who sold 300,000 shares for approximately $17.8 million, representing a 12.38% decrease in his ownership.

Guardant Health (NASDAQ:GH - Get Free Report) had its price objective boosted by analysts at TD Cowen from $63.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's price objective suggests a potential upside of 18.73% from the stock's previous close.

Other research analysts have also issued reports about the stock. Scotiabank upped their price objective on shares of Guardant Health from $57.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. Guggenheim increased their price target on shares of Guardant Health from $56.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday. Wells Fargo & Company assumed coverage on shares of Guardant Health in a research note on Monday. They issued an "overweight" rating and a $72.00 price target for the company. William Blair reiterated an "outperform" rating on shares of Guardant Health in a research note on Thursday. Finally, Cowen reissued a "buy" rating on shares of Guardant Health in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating and twenty-two have assigned a Buy rating to the stock. According to MarketBeat.com, Guardant Health presently has an average rating of "Buy" and a consensus target price of $64.75.

Guardant Health Stock Performance

NASDAQ:GH traded up $2.97 during midday trading on Thursday, reaching $60.64. 2,793,540 shares of the stock traded hands, compared to its average volume of 2,400,886. The company has a fifty day moving average of $55.08 and a 200 day moving average of $48.55. Guardant Health has a 12 month low of $20.14 and a 12 month high of $68.00. The stock has a market capitalization of $7.56 billion, a P/E ratio of -17.99 and a beta of 1.46.

Guardant Health (NASDAQ:GH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.08. The company had revenue of $232.09 million during the quarter, compared to the consensus estimate of $211.19 million. During the same quarter last year, the company posted ($0.84) earnings per share. The firm's revenue for the quarter was up 31.0% compared to the same quarter last year. Guardant Health has set its FY 2025 guidance at EPS. On average, analysts predict that Guardant Health will post -2.9 EPS for the current fiscal year.

Insider Buying and Selling at Guardant Health

In other news, CEO Helmy Eltoukhy sold 300,000 shares of the company's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $59.45, for a total value of $17,835,000.00. Following the transaction, the chief executive officer directly owned 2,123,499 shares in the company, valued at approximately $126,242,015.55. This represents a 12.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Amirali Talasaz sold 100,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $50.88, for a total transaction of $5,088,000.00. Following the completion of the transaction, the chief executive officer owned 1,971,830 shares in the company, valued at approximately $100,326,710.40. The trade was a 4.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 402,691 shares of company stock worth $23,069,965 over the last quarter. Insiders own 6.10% of the company's stock.

Institutional Trading of Guardant Health

Hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc lifted its stake in Guardant Health by 120.1% in the second quarter. IFP Advisors Inc now owns 612 shares of the company's stock worth $33,000 after acquiring an additional 334 shares during the period. Signaturefd LLC increased its holdings in Guardant Health by 50.5% in the 2nd quarter. Signaturefd LLC now owns 635 shares of the company's stock worth $33,000 after buying an additional 213 shares during the period. Allworth Financial LP increased its holdings in Guardant Health by 358.4% in the 2nd quarter. Allworth Financial LP now owns 706 shares of the company's stock worth $37,000 after buying an additional 552 shares during the period. FNY Investment Advisers LLC acquired a new position in Guardant Health in the 2nd quarter worth approximately $62,000. Finally, SVB Wealth LLC acquired a new position in Guardant Health in the 1st quarter worth approximately $54,000. 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.

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