JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Guardant Health (NASDAQ:GH) Stock

Key Points

• JPMorgan Chase & Co. raised its target price for Guardant Health from $60.00 to $70.00, indicating a potential upside of 21.38% from the company's previous close.
• Various brokerages, including Evercore ISI and Wolfe Research, have also upgraded their ratings on Guardant Health, showing strong optimism in the stock's performance.
• Guardant Health reported a quarterly revenue of $232.09 million, surpassing analyst expectations, and showed a year-over-year revenue increase of 31.0% despite a negative earnings report.

Guardant Health (NASDAQ:GH - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $60.00 to $70.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 21.38% from the company's previous close.

A number of other brokerages have also weighed in on GH. Evercore ISI upgraded Guardant Health to a "strong-buy" rating in a research note on Monday, July 14th. Wolfe Research upgraded Guardant Health from a "peer perform" rating to an "outperform" rating and set a $75.00 price target on the stock in a research note on Thursday. Raymond James Financial boosted their price target on Guardant Health from $59.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. BTIG Research restated a "buy" rating and set a $70.00 price target on shares of Guardant Health in a research note on Monday. Finally, Scotiabank boosted their price target on Guardant Health from $57.00 to $60.00 and gave the stock a "sector outperform" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and nineteen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $61.21.

Guardant Health Stock Performance

Shares of GH stock opened at $57.67 on Thursday. Guardant Health has a fifty-two week low of $20.14 and a fifty-two week high of $68.00. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of -17.21 and a beta of 1.46. The stock's 50-day simple moving average is $55.08 and its 200-day simple moving average is $48.55.

Guardant Health (NASDAQ:GH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.44) earnings per share for the quarter, topping analysts' consensus estimates of ($0.52) by $0.08. The business had revenue of $232.09 million for the quarter, compared to analysts' expectations of $211.19 million. During the same quarter in the previous year, the firm posted ($0.84) EPS. Guardant Health's revenue was up 31.0% on a year-over-year basis. Guardant Health has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Guardant Health will post -2.9 earnings per share for the current year.

Insider Activity at Guardant Health

In related news, CEO Amirali Talasaz sold 100,000 shares of the company's stock in a transaction that occurred 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 represents a 4.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Medina Manuel Hidalgo sold 2,165 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $54.16, for a total value of $117,256.40. Following the completion of the sale, the director owned 851 shares in the company, valued at approximately $46,090.16. This represents a 71.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 402,691 shares of company stock worth $23,069,965 over the last quarter. Insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Guardant Health

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. grew its stake in shares of Guardant Health by 118.6% during the 2nd quarter. Osaic Holdings Inc. now owns 29,561 shares of the company's stock worth $1,538,000 after purchasing an additional 16,039 shares during the period. State of Wyoming acquired a new stake in shares of Guardant Health during the 2nd quarter worth approximately $567,000. Castleark Management LLC acquired a new stake in shares of Guardant Health during the 2nd quarter worth approximately $6,326,000. Nikko Asset Management Americas Inc. grew its stake in shares of Guardant Health by 49.6% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,030,428 shares of the company's stock worth $105,623,000 after purchasing an additional 673,438 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Guardant Health by 8.1% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 32,485 shares of the company's stock worth $1,694,000 after purchasing an additional 2,421 shares during the period. Institutional investors and hedge funds own 92.60% of the company's stock.

About Guardant Health

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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