Guardant Health price target raised to $55 from $50 at BTIG

BTIG raised the firm’s price target on Guardant Health (GH) to $55 from $50 and keeps a Buy rating on the shares. The firm reiterated Guardant as a Top Pick, noting that the shares are up following news that the company obtained Medicare coverage for its Guardant Reveal MRD test for the first time in the surveillance monitoring setting, and the initial indication is for colorectal cancer. BTIG belives this is one of the biggest catalysts in the company’s history, and that the news takes positive sentiment to “a new level.” The firm believes the news adds upside to the numbers, though it plans to revisit its model next month.