JPMorgan ‘encouraged on several fronts’ after Guardant Health meetings

JPMorgan analyst Tycho Peterson says he walked away from investor meetings with Guardant Health management “encouraged on several fronts.” The analyst sees continued progress on reimbursement via the Palmetto draft local coverage determination and highlights management’s confidence in driving volumes via ramping adoption. Guardant offers an attractive sales growth profile driven by continued traction in G360/OMNI and “steady momentum” in biopharma partnerships, as well as a “relatively clear line-of-sight” to expanded clinical reimbursement, Peterson tells investors in a research note. He continues to view Guardant Health as a “best-in-class asset in the attractive liquid biopsy space.” Furthermore, the recent 20% share pullback from all-time highs heading into the lock-up expiration has resulted in renewed investor interest, says the analyst. He reiterates an Overweight rating on Guardant Health with an $85 price target.

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