Guardant Health , Inc. (NASDAQ:GH) Director Meghan V. Joyce recently engaged in a transaction involving the company's shares, according to a new SEC filing. On June 4, 2024, Joyce sold 100 shares of Guardant Health common stock at a price of $27.87 each, resulting in a total sale value of $2,787. This sale was executed under a pre-arranged sales plan pursuant to Rule 10b5-1, which allows insiders to set up a trading plan for selling stocks they own.
In addition to the sale, the filing disclosed that Joyce acquired 67 shares of common stock at no cost. This transaction is related to the vesting of restricted stock units (RSUs), which are part of her compensation package as a director of the company. The RSUs vest in increments, with 25% vested on August 4, 2022, and the remaining 75% vesting in substantially equal installments on each monthly anniversary of August 4, 2022, over the following three years.
Following these transactions, Joyce's direct ownership in Guardant Health stands at 4,621 shares of common stock and 929 derivative securities in the form of RSUs. It is important to note that the RSUs do not have an expiration date, as indicated in the footnotes of the SEC filing.
Investors and followers of Guardant Health, Inc. can stay informed of insider transactions like these, which are routinely disclosed through SEC filings and provide a window into the actions of the company's executives and directors.
In other recent news, Guardant Health has seen significant developments with its Shield test for colorectal cancer screening. The U.S. Food and Drug Administration (FDA) advisors have endorsed the test, concluding that its benefits outweigh its risks. This endorsement could potentially make Shield the second blood-based colorectal cancer diagnostic tool in the U.S. market.
Analysts from Canaccord Genuity, Jefferies, and BTIG have shown confidence in the company's prospects. Canaccord Genuity raised its price target for Guardant Health to $38, citing increased confidence in the revenue prospects for the Shield test. Jefferies initiated coverage on the stock with a Buy rating and a price target of $32, based on Guardant's strong position in the minimal residual disease market and positive free cash flow in Q1 2024. BTIG also maintained a Buy rating with a price target of $45.
In addition, Cathie Wood's ARK ETFs demonstrated growing interest in Guardant Health, purchasing additional shares of the company. These recent developments reflect the potential for future growth, especially with Shield in the multi-cancer early detection market.
InvestingPro Insights
Guardant Health, Inc. (NASDAQ:GH) has recently been the subject of insider transactions, an event that often draws the attention of investors seeking insights into the company's performance and prospects. As investors dissect the implications of the recent insider sale and acquisition by Director Meghan V. Joyce, the following data and tips from InvestingPro may offer a broader perspective on the company's current financial health and market position.
InvestingPro data shows that Guardant Health holds a market capitalization of $3.81 billion, reflecting its standing in the market. The company's Price / Book ratio, as of the last twelve months leading up to Q1 2024, is high at 50.16, which could suggest a premium valuation compared to its book value. Additionally, the company's revenue has seen a significant uptick, with a growth of 25.21% during the same period, indicating a robust expansion in its business operations.
From the perspective of stock performance, Guardant Health has experienced a strong return over the last three months, with a total price return of 49.12%. This positive trend is also reflected in the short-term with a one-month price total return of 48.25%, potentially signaling investor optimism about the company's trajectory.
Turning to InvestingPro Tips, it's notable that 8 analysts have revised their earnings upwards for the upcoming period, hinting at a positive outlook for the company's future performance. However, it's important to consider that analysts do not anticipate the company will be profitable this year, and the stock's Relative Strength Index (RSI) suggests it is currently in overbought territory.
For those interested in delving deeper, there are additional InvestingPro Tips available that could further inform investment decisions regarding Guardant Health, Inc. To access these insights, visit https://www.investing.com/pro/GH, and don't forget to use the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.