Guardant Health (GH) Soars 6.3%: Is Further Upside Left in the Stock?

Guardant Health (GH) shares rallied 6.3% in the last trading session to close at $35.88. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.4% loss over the past four weeks.The company’s blood test, Shield, is approved by the FDA for colorectal cancer (CRC) screening in adults aged 45 and older who are at average risk for the disease. According to Guardant Health, Shield provides an easy, convenient and pleasant screening option for patients, which could potentially improve CRC screening rates. The growing optimism and the positive reception of Shield among physicians and patients might have driven the recent share price rally.This provider of oncology testing services is expected to post quarterly loss of $0.51 per share in its upcoming report, which represents a year-over-year change of +67.7%. Revenues are expected to be $186.25 million, up 20.1% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Guardant Health, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on GH going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Guardant Health is part of the Zacks Medical - Biomedical and Genetics industry. Arcellx, Inc. (ACLX), another stock in the same industry, closed the last trading session 5.2% lower at $75.01. ACLX has returned -6.4% in the past month.For Arcellx, the consensus EPS estimate for the upcoming report has changed +1.3% over the past month to -$0.63. This represents a change of -250% from what the company reported a year ago. Arcellx currently has a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Guardant Health, Inc. (GH): Free Stock Analysis Report Arcellx, Inc. (ACLX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks