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Why is Guardant Health Inc (GH) Stock down?
Shares of Guardant Health Inc (GH) dropped by 9.61% from $27.90 to $25.22 in the trading on Wednesday, December 20, 2023. The reason why GH down today is due to the company's announcement that a U.S. Food and Drug Administration (FDA) advisory committee will review its colorectal cancer screening test early next year. Guardant Health had sought FDA approval for its blood-based test, Shield, with approval expected in the first quarter of the following year. However, the scheduling of the advisory committee meeting for March 28, 2024, surprised analysts and pushed the potential approval timeline to the second quarter of that year. While the company welcomed the opportunity for discussion with key opinion leaders, this news likely led to investor reactions and the observed stock decline on that day.
Guardant Health Inc Stock (GH) dropped by 5.41% from $27.74 to $26.24 in the trading on Tuesday November 7, 2023. The reason why GH stock down today is due to its earnings results.
- Revenue of $143.0 million for the third quarter of 2023, an increase of 22% over the third quarter of 2022.
- Net loss was $86.1 million for the third quarter of 2023, as compared to $162.0 million for the corresponding prior year period.
- Free cash flow for the third quarter of 2023 was negative $80.2 million.
Shares of Guardant Health, Inc. (GH) declined 10.41% after issuing the following statement about the closure of COBRA, a minimum residual disease (MRD) study.
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