JPMorgan analyst Tycho Peterson raised his price target for Guardant Health to $135 from $90 saying the company last night reported "extremely strong" Q2 results. The quarter saw "robust" clinical testing momentum coupled with upside from biopharma and development services, Peterson tells investors in a research note. He continues to view Guardant as a "best-in-class asset in the attractive liquid biopsy space" and reiterates an Overweight rating on the shares.

Craig-Hallum assumed coverage of Guardant Health with a Buy rating with a price target of $28, down from $54. The firm remains bullish about the opportunities in therapy selection and are not all that concerned about emerging competition in liquid biopsy. Further, it is also bullish about the potential for Reveal, over time. Craig-Hallum thinks that there is a significant market for a tumor-naive MRD test. Tissue is simply not an option for all patients. Guardant appears to have the most viable test. Additionally, the firm believes the Shield colorectal screening test will be commercially viable, if FDA approved. The consensus view seems to be that there is no chance for this test to be included in the next USPSTF colon cancer screening recommendation. Craig-Hallum thinks that there is a reasonable likelihood that it will be included.