GRAIL (NASDAQ:GRAL) Stock Price Down 7.7% – Here’s What Happened

Shares of GRAIL, Inc. (NASDAQ:GRAL) dropped 7.7% on Friday . The stock traded as low as $106.78 and last traded at $107.1120. Approximately 88,259 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 753,262 shares. The stock had previously closed at $116.06.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GRAIL in a research note on Wednesday, October 8th. Canaccord Genuity Group upped their price objective on shares of GRAIL from $85.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Morgan Stanley lifted their target price on shares of GRAIL from $85.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Monday, December 1st. Guggenheim upgraded GRAIL from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Wednesday, November 12th. Finally, UBS Group set a $75.00 price objective on GRAIL in a report on Friday, October 3rd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $97.50.

GRAIL Stock Down 8.3%

The company has a 50 day simple moving average of $96.07 and a 200 day simple moving average of $67.10. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of -9.14 and a beta of 4.52.

GRAIL (NASDAQ:GRAL) last issued its earnings results on Wednesday, November 12th. The company reported ($2.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.40) by $0.94. The business had revenue of $36.19 million during the quarter, compared to analysts’ expectations of $33.83 million. GRAIL had a negative return on equity of 15.69% and a negative net margin of 286.43%. On average, research analysts forecast that GRAIL, Inc. will post -15.15 EPS for the current fiscal year.

Hedge Funds Weigh In On GRAIL

A number of hedge funds have recently made changes to their positions in GRAL. Farallon Capital Management LLC boosted its position in GRAIL by 168.7% during the 3rd quarter. Farallon Capital Management LLC now owns 1,349,000 shares of the company’s stock worth $79,766,000 after purchasing an additional 847,000 shares during the period. Geode Capital Management LLC lifted its stake in shares of GRAIL by 60.4% during the second quarter. Geode Capital Management LLC now owns 757,770 shares of the company’s stock worth $38,969,000 after purchasing an additional 285,331 shares in the last quarter. Bank of America Corp DE boosted its position in shares of GRAIL by 121.0% in the third quarter. Bank of America Corp DE now owns 335,365 shares of the company’s stock worth $19,830,000 after buying an additional 183,611 shares during the period. Allianz Asset Management GmbH grew its stake in shares of GRAIL by 145.9% in the third quarter. Allianz Asset Management GmbH now owns 294,835 shares of the company’s stock valued at $17,434,000 after buying an additional 174,959 shares in the last quarter. Finally, Carnegie Investment Counsel purchased a new stake in shares of GRAIL during the 2nd quarter valued at about $8,520,000.

GRAIL Company Profile

GRAIL, Inc (NASDAQ: GRAL) is a biotechnology company dedicated to the early detection of cancer through a multi-cancer blood test. Leveraging advances in next-generation sequencing, cell-free DNA (cfDNA) analysis and machine learning, GRAIL has developed the Galleri™ test, which aims to identify more than 50 types of cancer at their earliest stages. The company’s platform analyzes methylation patterns in circulating tumor DNA to pinpoint tumor presence and tissue of origin, enabling physicians to pursue timely diagnostic follow-up.

Founded in 2016 as a spin-out from Illumina, GRAIL established its headquarters in Menlo Park, California, with additional research and operations centers in the United Kingdom.