Canaccord starts Grail with a Buy, sees ‘solid upside’

As previously reported, Canaccord initiated coverage of Grail (GRAL) with a Buy rating and $32 price target The company offers the Galleri multi-cancer early detection test based on Grail’s proprietary targeted methylation platform and after having surveyed 20 clinicians and 253 potential patients to understand current reception for MCED, the analyst is “enthusiastic” about the long-term potential of MCED and Galleri, but sees “many steps GRAIL must clear along the way.” The firm believes the stock offers “solid upside from current levels” after reviewing Grail’s cash burn outlook and catalyst path, the analyst added.