H.C. Wainwright Thinks Gritstone Oncology Inc’s Stock is Going to Recover


H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Gritstone Oncology Inc (GRTS) today and set a price target of $17. The company’s shares closed yesterday at $11.14, close to its 52-week low of $9.66.

Ramakanth wrote:

“We maintain our Buy rating of GRTS and our 12-month price target of $17.00 per share. We derive our price target based on a risk-adjusted NPV analysis of projected GRANITE-001 and SLATE-001 revenues through 2030, assuming a 12.5% discount rate and 3% terminal growth rate.”

According to TipRanks.com, Ramakanth is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.9% and a 31.3% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Tyme Technologies Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Gritstone Oncology Inc with a $20.67 average price target, which is an 85.5% upside from current levels. In a report issued on May 13, Cowen & Co. also assigned a Buy rating to the stock.

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The company has a one-year high of $32.90 and a one-year low of $9.66. Currently, Gritstone Oncology Inc has an average volume of 209.8K.

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Gritstone Oncology, Inc. clinical-stage biotechnology company, which engages in developing the next generation of cancer immunotherapies to fight multiple cancer types. The company was founded in August 2015 by Andrew Allen, Timothy Chan, Mark Cobbold, Graham Lord, Naiyer Rizvi and Jean-Charles Soria and is headquartered in Emeryville, CA.

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