5 Most Promising Cancer Stocks According to Analysts

3. Guardant Health, Inc. (NASDAQ:GH)

Number of Hedge Fund Holders: 34

Average Price Target Based on Analyst Ratings: 82.13% 

Guardant Health, Inc. (NASDAQ:GH) is a California-based precision oncology company that provides blood tests, data sets, and analytics in the United States and internationally. On February 23, Guardant Health, Inc. (NASDAQ:GH) reported revenue for the fourth quarter of 2022, which came in at $126.9 million, up 17.4% year-over-year and beating market estimates by $2.97 million. It is one of the most promising cancer stocks as per Wall Street analysts. 

On February 27, Morgan Stanley maintained an Overweight rating on Guardant Health, Inc. (NASDAQ:GH) but reduced the price target on the shares from $73 to $66. Although the guidance provided by the company was slightly below recent estimates, this was expected and Morgan Stanley believes that it is not the right time to give up on the stock. The firm believes that there are multiple areas of conservatism in the outlook and the stock is attractively valued, which makes it a compelling risk/reward opportunity.

According to Insider Monkey’s Q4 data, 34 hedge funds were long Guardant Health, Inc. (NASDAQ:GH), compared to 33 funds in the prior quarter. Andreas Halvorsen’s Viking Global is one of the biggest stakeholders of the company. 

ClearBridge Multi Cap Growth Strategy made the following comment about Guardant Health, Inc. (NASDAQ:GH) in its Q4 2022 investor letter:

“Guardant Health, Inc. (NASDAQ:GH), a disruptor within health care that is developing blood tests for cancer screening, announced a mixed readout for its Eclipse screening test that raised concerns about how much market share the product will eventually garner. The company will likely need to raise capital over the next couple of years, which has also weighed on the stock. We believe the issues facing both Wolfspeed and Guardant are temporary and we continue to maintain our weightings in both.”