BofA analyst Derik de Bruin raised the firm’s price target on Guardant Health to $70 from $65 and keeps a Buy rating on the shares after the company released "long-awaited" data from the ECLIPSE trial to evaluate the SHIELD blood-based test in detecting colorectal cancer, or CRC, in average-risk adults. ECLIPSE came in at 83% sensitivity at 90% specificity, which was above the 74% sensitivity benchmark necessary for CMS reimbursement, but also below "some investor expectations of 85% sensitivity," the analyst noted. While these results were "not far outside our range of expectations," investors reacted negatively, said de Bruin, who contends that the results are sufficient to gain FDA approval.
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