On July 1, Guardant Health rose 7.47% in regular trading, trading at $161.43/share, with turnover of $204 million. The rally was driven by a bullish research note from Bernstein highlighting underappreciated revenue upside.

Bernstein initiated coverage with an Outperform rating and a $175 price target, citing that G360 ADLT pricing qualification will deliver meaningful revenue upside not yet reflected in consensus estimates. The firm's earnings forecasts exceed consensus by 6.6% for fiscal year 2027 and 12.2% for 2028, with the market notably underestimating gross margin improvement potential from the NovaSeq X platform migration, expected to contribute 350 to 550 basis points of positive impact annually.

The note adds to a string of recent catalysts, including FDA approval of Guardant360 Liquid CDx as a companion diagnostic for multiple therapies in non-small cell lung cancer and colorectal cancer, and the inclusion of the Shield blood test in American Cancer Society colorectal cancer screening guidelines. Multiple firms including RBC Capital Markets and Evercore ISI have also issued Outperform ratings with targets ranging from $160 to $185.

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