Guardant Health (NASDAQ:GH) Sets New 52-Week High After Analyst Upgrade

Guardant Health, Inc. (NASDAQ:GHGet Free Report)’s share price reached a new 52-week high on Monday after Bank of America raised their price target on the stock from $135.00 to $190.00. Bank of America currently has a buy rating on the stock. Guardant Health traded as high as $174.08 and last traded at $168.9990, with a volume of 168928 shares traded. The stock had previously closed at $167.98.

Several other research firms also recently commented on GH. Mizuho lifted their price objective on Guardant Health from $135.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Evercore upgraded Guardant Health from an “in-line” rating to an “outperform” rating and set a $160.00 target price for the company in a report on Tuesday, June 2nd. Royal Bank Of Canada started coverage on Guardant Health in a research report on Thursday, June 11th. They set an “outperform” rating and a $185.00 price target on the stock. BTIG Research lifted their price target on Guardant Health from $160.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. boosted their price objective on Guardant Health from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $149.17.

Read Our Latest Analysis on GH

Insider Buying and Selling

In other news, CEO Amirali Talasaz sold 143,028 shares of Guardant Health stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $151.54, for a total value of $21,674,463.12. Following the sale, the chief executive officer directly owned 1,881,336 shares in the company, valued at approximately $285,097,657.44. This trade represents a 7.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Musa Tariq sold 1,951 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $131.16, for a total value of $255,893.16. Following the transaction, the director directly owned 11,048 shares in the company, valued at $1,449,055.68. This trade represents a 15.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 708,681 shares of company stock valued at $90,566,438 over the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its position in shares of Guardant Health by 56.5% in the 1st quarter. AQR Capital Management LLC now owns 71,534 shares of the company’s stock worth $3,012,000 after purchasing an additional 25,831 shares during the period. Empowered Funds LLC purchased a new position in shares of Guardant Health during the first quarter valued at about $274,000. Sei Investments Co. raised its stake in Guardant Health by 15.8% in the second quarter. Sei Investments Co. now owns 77,308 shares of the company’s stock worth $4,023,000 after buying an additional 10,538 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Guardant Health by 9.4% in the second quarter. The Manufacturers Life Insurance Company now owns 632,630 shares of the company’s stock worth $32,922,000 after buying an additional 54,284 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Guardant Health by 56.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 111,445 shares of the company’s stock worth $5,800,000 after buying an additional 40,209 shares during the period. 92.60% of the stock is owned by hedge funds and other institutional investors.

Guardant Health Stock Up 1.1%

The company’s fifty day simple moving average is $119.89 and its 200 day simple moving average is $106.12. The firm has a market capitalization of $22.51 billion, a PE ratio of -50.22 and a beta of 1.59.

Guardant Health Company Profile

(Get Free Report)

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.

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