Why Grail Stock Zoomed Nearly 7% Higher on Monday
Key Points
The cancer diagnostics specialist received two price target increases from separate analysts.
One more than doubled his on the company.
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On a generally gloomy Monday for the stock market, specialty healthcare diagnostics company Grail (NASDAQ: GRAL) was a bright light. Following two analyst price target raises, investors piled into the company's shares, driving them almost 7% higher in value.
Two big increases
Both hikes were substantial, but the prize belonged to Morgan Stanley's Tejas Savant. He more than doubled his Grail price target, lifting it to $85 per share from his preceding level of $38. Although that change was significant, Savant left his equalweight (read: hold) recommendation intact.
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Separately, Canaccord Genuity pundit Kyle Mikson upped his fair value assessment on Grail to $105 per share from $85. The more bullish Mikson maintained his buy recommendation on the company.
According to reports, Mikson was particularly encouraged by what he considers to be notable progress on increasing adoption of, and reimbursement for, the company's Galleri multi-cancer early detection (MCED) test. The analyst also waxed optimistic about what he considers to be Grail's lead in the MCED segment.
Well-positioned in the current market
As cancer is a persistent health scourge all over the world, one of the best ways to combat it is through effective detection. With Galleri, Grail has a widely respected diagnostic product that we could easily imagine becoming even more of a go-to for healthcare professionals. I'd be more inclined to share Mikson's bullish view of the company's future, and in my mind, both price target hikes are justified.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Grail. The Motley Fool has a disclosure policy.
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