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On Tuesday, TD Cowen reaffirmed its Buy rating on Guardant Health shares with a consistent price target of $42.00. The stock, currently trading at $43.54, has shown remarkable strength with a 58% return over the past year according to InvestingPro data.
The decision comes as Guardant Health announced that its minimal residual disease (MRD) test, Reveal, has been granted coverage by MolDX for use in the colorectal cancer (CRC) recurrence setting. The company's management had anticipated such approval to occur in early 2025, and today's announcement aligns with those projections.
The analyst from TD Cowen noted the significance of this development, stating that despite the time elapsed since Guardant Health received its initial MolDX approval for the adjuvant setting in August 2022, the latest approval was not a guaranteed outcome. With the new MolDX coverage, Guardant Health, which has demonstrated strong revenue growth of 29.2% and maintains a healthy current ratio of 6.22, has now unlocked a substantial market opportunity which is expected to be a primary contributor to the company's growth in 2025.
Guardant Health's Reveal test is designed to detect cancer recurrence by identifying circulating tumor DNA in blood samples of patients who have undergone surgery for CRC. This test aims to provide an early warning for potential cancer recurrence, allowing for more timely and potentially life-saving treatments.
The analyst's reiteration of the Buy rating suggests confidence in Guardant Health's prospects, particularly as the company expands its offerings in the cancer diagnostics market. The $42.00 price target reflects an expectation of upward movement for the stock, tied to the company's operational performance and market potential following the MolDX coverage approval.
Guardant Health's shares are traded on the NASDAQ under the ticker symbol (NASDAQ:GH). The company, with a market capitalization of $5.39 billion, specializes in advanced diagnostics technologies, including liquid biopsies, which are less invasive and can provide critical information for the treatment of various cancers.
InvestingPro subscribers can access 8 additional key insights about Guardant Health, including detailed financial health scores and comprehensive valuation metrics in the Pro Research Report, part of the platform's coverage of 1,400+ US stocks.
In other recent news, Guardant Health has been the center of significant developments. BTIG raised the price target for Guardant Health to $55, maintaining a Buy rating on the stock. This adjustment followed the announcement of Medicare coverage for Guardant Health's Reveal MRD test in the surveillance monitoring setting for colorectal cancer. Analysts from Canaccord Genuity, Jefferies, and Piper Sandler have also maintained their positive ratings on the company, reflecting confidence in its market position. UBS has named Guardant Health as a top pick in the Life Sciences & Diagnostic Tools group, maintaining a Buy rating and a $40 price target.
Guardant Health has also announced a partnership with pharmaceutical company Boehringer Ingelheim to seek regulatory approval for Guardant360® CDx, a liquid biopsy test, as a companion diagnostic for zongertinib, Boehringer's investigational drug for non-small cell lung cancer. Furthermore, the company is expected to pre-announce its fourth-quarter results soon, providing preliminary insights into revenues and volumes, as well as updates on its product pipeline.
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