Cancer Test Focused Guardant Health Stock Falls On FDA AdCom Update For Colorectal Test
Portfolio Pulse from Vandana Singh
Guardant Health Inc (NASDAQ:GH) reported Q4 2023 sales of $155.1 million, up 22% Y/Y, beating consensus. Precision oncology revenue grew 25% to $142.2 million. The company expects 2024 revenue of $655-$670 million. The FDA AdCom meeting for Shield CRC is delayed to Q2 but approval is still expected in 2024. Canaccord Genuity lowered GH's price target to $45 from $50. GH shares fell 11.8% to $19.64.
February 23, 2024 | 6:35 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Guardant Health reported strong Q4 2023 results with a 22% Y/Y increase in sales, beating consensus. The company anticipates 2024 revenue between $655-$670 million. However, the FDA AdCom meeting for Shield CRC is delayed, impacting the stock negatively as shares fell 11.8% to $19.64.
The strong Q4 performance and positive revenue outlook for 2024 indicate a solid operational foundation. However, the delay in the FDA AdCom meeting for Shield CRC has likely contributed to the negative investor sentiment, leading to a significant drop in the stock price. The reduction in price target by Canaccord Genuity further exacerbates the short-term negative impact on GH's stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100