Guardant Health (GH) PT Raised to $55 at BTIG

BTIG analyst Mark Massaro raised the price target on Guardant Health (NASDAQ: GH) to $55.00 (from $50.00) while maintaining a Buy rating.

The analyst commented: "Shares of GH are up 15% this morning following the news that they obtained Medicare coverage for its Guardant Reveal MRD test for the first time in the surveillance monitoring setting, and the initial indication is for colorectal cancer. The reimbursement applies to their 'next-generation' test version which runs on its 'Smart' liquid biopsy platform. We believe this is one of the biggest catalysts in the company's history, and not surprisingly to us, the stock has broken out above $40/share for the first time since December 2022. In our prior note also published this morning out of our meeting with GH last week, we wrote that "investor sentiment has been rising on GH" and we think today's news takes that sentiment to a new level. We believe today's news adds upside to numbers; however, we plan to revisit our model next month. We reiterate our Buy rating and raise our PT to $55 (from $50)."

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