As previously reported, Guggenheim analyst David Westenberg initiated coverage of Guardant Health with a Buy rating and $103 price target. Today, Guardant offers a liquid biopsy option to oncologists for profiling services that they use for therapy selection that is more convenient than the standard of care, but in the future Westenberg believes it can expand its total addressable market "dramatically" by using its technology to monitor for cancer recurrence, the analyst stated. While he admits the stock is "expensive," Westenberg believes Guardant "can grow into its valuation," he added.

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.