Movement Alert|Guardant Health Falls 8.48% in Pre-Market Trading, Pulling Back After FDA Approval-Driven Rally

Market Focus05-22

On May 22, Guardant Health fell 8.48% in pre-market trading, trading at $118.01/share, with trading volume of $36,900. The decline comes one session after the stock rallied over 5% following FDA approval of its updated liquid biopsy test.

On May 21, the company announced that the U.S. Food and Drug Administration approved its Guardant360 Liquid CDx as a companion diagnostic for multiple therapies in non-small cell lung cancer and colorectal cancer. The test integrates genomic and epigenomic profiling from a single blood draw, provides higher sensitivity to detect circulating tumor DNA, and covers a 100-times wider genomic footprint than the previously approved Guardant360 CDx. Results can be delivered within seven days. The stock rose approximately 5% on that news. The current pre-market decline erases those gains and more, suggesting the market may be reassessing the near-term commercial impact of the approval.

Guardant Health is a precision oncology company that provides blood and tissue tests, data sets, and analytics to help advance cancer detection and treatment globally.

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