GH - Why Guardant Health Stock Popped Again Today
2023-09-28 11:25:05 ET
With a stock down nearly 50% over the last 52 weeks, investors in Guardant Health (NASDAQ: GH) haven't had a lot to cheer about this year. The last couple of days, however, may be changing that.
This morning, an endorsement from investment bank Bernstein sent shares of the precision oncology company shooting 4.7% higher through 10:35 a.m. ET. Combined with an even stronger rise from an unrelated analyst upgrade yesterday, this means Guardant shares have now risen more than 12% total over two days of trading.
As The Fly reports, Bernstein initiated coverage of Guardant with an outperform ( i.e., buy ) rating and a $34 price target, citing the company's high and growing levels of recurring revenue (helped by a "locked-in" customer base), high profit margin on that revenue, and strong growth prospects.
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Why Guardant Health Stock Popped Again Today