Guardant Health (NASDAQ:GH) Sets New 52-Week High Following Better-Than-Expected Earnings

Guardant Health, Inc. (NASDAQ:GH)’s share price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $52.92 and last traded at $48.74, with a volume of 604224 shares changing hands. The stock had previously closed at $47.23.

The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.08. Guardant Health had a negative return on equity of 19,157.20% and a negative net margin of 59.05%. The firm had revenue of $203.47 million during the quarter, compared to analyst estimates of $189.91 million. During the same period in the previous year, the company earned ($0.46) earnings per share. Guardant Health’s quarterly revenue was up 20.8% on a year-over-year basis.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Guardant Health from $49.00 to $56.00 and gave the company a “buy” rating in a report on Friday, February 21st. Scotiabank raised their price target on Guardant Health from $47.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, February 24th. Mizuho assumed coverage on Guardant Health in a research note on Thursday, April 10th. They set an “outperform” rating and a $55.00 price objective for the company. Canaccord Genuity Group boosted their price target on shares of Guardant Health from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday. Finally, Morgan Stanley increased their price objective on shares of Guardant Health from $42.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, March 6th. Twenty-one research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $51.64.

Institutional Trading of Guardant Health

Several large investors have recently added to or reduced their stakes in GH. R Squared Ltd purchased a new stake in Guardant Health in the 4th quarter worth about $26,000. SBI Securities Co. Ltd. purchased a new position in Guardant Health during the fourth quarter valued at approximately $43,000. Kimelman & Baird LLC acquired a new position in Guardant Health in the 4th quarter valued at approximately $58,000. NewEdge Advisors LLC lifted its position in Guardant Health by 13.5% in the 4th quarter. NewEdge Advisors LLC now owns 1,929 shares of the company’s stock worth $59,000 after buying an additional 230 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Guardant Health during the 4th quarter valued at $61,000. 92.60% of the stock is owned by institutional investors and hedge funds.

Guardant Health Stock Up 3.5 %

The stock’s 50 day moving average price is $43.61 and its two-hundred day moving average price is $37.94. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -13.73 and a beta of 1.45.

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.