Guardant Health price target lowered to $50 from $60 at BTIG

BTIG lowered the firm’s price target on Guardant Health to $50 from $60 but keeps a Buy rating on the shares. The company’s Q4 results topped estimates but its FY23 guidance was worse than expected as its biopharma services business was impacted by a more difficult funding environment for smaller biopharmaceutical companies, the analyst tells investors in a research note. The firm maintains however that shares of Guardant Health are oversold and believes that its major levers will come in 2024 when the company should obtain both FDA approval and Medicare reimbursement of its Guardant Shield blood-based screening test.