Derik De Bruin, an analyst from Bank of America Securities, maintained the Buy rating on Guardant Health (GH – Research Report). The associated price target is $38.00.
Derik De Bruin’s Buy rating for Guardant Health is based on a number of positive indicators. The company’s preliminary fourth quarter results for fiscal year 2023 came in approximately 5% ahead of expectations, which suggests a solid performance, particularly in their biopharma segment where test volumes significantly surpassed analyst forecasts. Clinical test volumes also showed a promising rebound, growing around 6% quarter over quarter, after a previous quarter that saw no sequential growth. This rebound is seen as an encouraging sign of the company’s resilience and potential for future growth.
Looking ahead, Guardant Health is anticipated to experience robust revenue growth in fiscal year 2024, with projections indicating approximately 18% year-over-year growth. The Street’s forecast aligns closely with these expectations, further reinforcing confidence in the company’s financial trajectory. Furthermore, De Bruin highlights Guardant Health’s leadership in the liquid biopsy market and the fact that the company’s therapy selection business has achieved breakeven status. These factors, combined with what is considered an attractive valuation for the core franchise, underpin the Buy rating and the positive outlook for Guardant Health’s stock.
According to TipRanks, De Bruin is a 3-star analyst with an average return of 2.8% and a 52.40% success rate. De Bruin covers the Healthcare sector, focusing on stocks such as Agilent, Hologic, and Mettler-Toledo.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $50.00 price target.
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Guardant Health (GH) Company Description:
Guardant Health, Inc. is a precision oncology company, which engages in provision of precision oncology testing and development services. It focuses performing blood tests, vast data sets, and advanced analytics to conquer cancer. The company was founded by Helmy Eltoukhy and AmirAli H. Talasaz in 2012 and is headquartered in Redwood City, CA.
Read More on GH:
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