GH - Why Guardant Health Stock Jumped 15% This Week
2023-09-28 16:22:28 ET
Shares of Guardant Health (NASDAQ: GH) are up 16.2% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence , on the heels of multiple analyst upgrades for the precision oncology stock.
Guardant Health rallied around 7% on Wednesday alone after Piper Sandler analysts upgraded their rating on the stock to overweight from neutral. Piper Sandler also assigned a $40-per-share price target, representing a more than 30% premium to Guardant's current price even after this week's pop. Piper analysts elaborated in a note to clients that Guardant Health's recent sell-off offered investors "a compelling opportunity to own the first mover in liquid biopsy," adding that the company should be able to sustain 20% top-line growth "for a number of years."
Then early Thursday, analysts at Bernstein added fuel to the fire by initiating coverage on Guardant stock with an outperform rating and a $34-per-share price target (the stock closed today at just above $30 per share). Bernstein lauded Guardant's enviable recurring revenue growth, high profit margins, and "locked-in" customer base.
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Why Guardant Health Stock Jumped 15% This Week