Irenic Capital Management LP Makes New Investment in Grail, Inc. (NASDAQ:GRAL)

Irenic Capital Management LP acquired a new position in shares of Grail, Inc. (NASDAQ:GRAL - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 20,000 shares of the company's stock, valued at approximately $357,000. Grail accounts for approximately 0.0% of Irenic Capital Management LP's investment portfolio, making the stock its 19th largest position. Irenic Capital Management LP owned approximately 0.06% of Grail at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GRAL. Jacobs Levy Equity Management Inc. purchased a new position in Grail in the fourth quarter worth approximately $18,209,000. Janus Henderson Group PLC acquired a new stake in shares of Grail in the 4th quarter valued at about $223,000. Graham Capital Management L.P. purchased a new position in Grail during the 4th quarter worth approximately $276,000. Empyrean Capital Partners LP purchased a new stake in Grail in the fourth quarter valued at approximately $3,142,000. Finally, Ensign Peak Advisors Inc purchased a new position in shares of Grail during the fourth quarter worth approximately $230,000.

Insiders Place Their Bets

In other Grail news, President Joshua J. Ofman sold 2,109 shares of Grail stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $31.20, for a total value of $65,800.80. Following the completion of the transaction, the president now directly owns 559,673 shares in the company, valued at $17,461,797.60. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Aaron Freidin sold 1,816 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 $56,659.20. Following the transaction, the chief financial officer now directly owns 335,170 shares of the company's stock, valued at approximately $10,457,304. This trade represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 194,948 shares of company stock worth $6,583,130 over the last three months. 1.85% of the stock is owned by insiders.

Grail Price Performance

Shares of GRAL stock traded up $0.92 during trading hours on Friday, reaching $39.91. 2,065,617 shares of the company's stock were exchanged, compared to its average volume of 1,257,213. The company's 50 day moving average is $29.83 and its two-hundred day moving average is $26.38. The company has a market cap of $1.41 billion and a P/E ratio of -0.65. Grail, Inc. has a 1 year low of $12.33 and a 1 year high of $63.99.

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

Analyst Ratings Changes

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

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.