Grail Inc. (GRAIL) shares reached an all-time high of $119.09 on Thursday, extending a dramatic rally in the multi-cancer early-detection company's stock. Trading was reported at $119.65, valuing the company at approximately $4.85 billion in market capitalization.
The stock has gained 123% over the past six months and nearly 140% year-over-year, a surge bolstered by favorable regulatory signals around its Galleri test and a second-quarter earnings report that topped Wall Street expectations.
For the quarter ended June 30, Grail reported revenue of $44.7 million, exceeding the consensus estimate of $43.2 million. The company posted a loss per share of $2.56.
Regulatory momentum for the Galleri test, which screens blood samples for cancer signals across dozens of cancer types, intensified after an FDA advisory committee voted unanimously in favor of the test's safety and showed majority support for its effectiveness. The panel's conclusion followed a prior FDA staff review that raised no major concerns about the test's accuracy or safety.
Despite the stock's lofty levels, analyst price targets remain considerably below the current share price. Canaccord Genuity reiterated a Buy rating but set a $80 price target, while RBC Capital initiated coverage with a Sector Perform rating and an $84 target. Both targets imply meaningful downside from Thursday's trading level.
