Canaccord has begun coverage of Grail (GRAL, Financial), assigning the stock a Buy rating and setting a price target of $32. The company is known for its innovative Galleri test, which aids in the early detection of multiple types of cancer using its unique targeted methylation platform. This development follows a recent survey including feedback from 20 clinicians and 253 potential patients, highlighting the growing interest and potential of multi-cancer early detection (MCED).
While the analyst expresses strong optimism regarding the long-term potential of the MCED market and the Galleri test, they also note that Grail (GRAL, Financial) faces multiple challenges that need to be addressed moving forward. Despite these hurdles, the firm conveys confidence in the stock's ability to increase from its current valuation, citing a thorough review of Grail’s financial projections and strategic milestones as a basis for this outlook.
