Guardant Health (GH) investors have a new number to think about this week.
Bernstein SocGen Group raised its price target on the cancer-screening company’s stock to $200 a share, up from $175
Bernstein also kept its Outperform rating intact. The new price target came less than a day after a major insurance decision boosted the outlook for Guardant’s blood-based colorectal cancer test. UnitedHealth (UNH) Group, the nation’s largest health insurer, has agreed to cover Shield as a first-line screening option for millions of members aged 45 and older.
Shield is Guardant’s leading cancer screening test. That single decision from UNH unlocked a market that Wall Street wasn’t expecting for the next few years. Guardant shares already jumped nearly 20% in the week following the news and now trade close to their 52-week high.