Grail's Galleri Test Has Large Market Potential Amid Adoption Curve Concerns, RBC Capital Markets Says

MT Newswires Live09-17 23:36

Grail's (GRAL) Galleri multi-cancer early detection test could unlock a "substantial" market opportunity, but adoption and reimbursement hurdles could limit near-term sales, RBC Capital Markets said in a note Thursday.

The investment firm said Galleri could gain US Food and Drug Administration approval in late 2026 or early 2027, which would provide a "compelling" catalyst for the stock.

Even with potential approval, RBC expects slower sales ramp than Wall Street and sees cash burn increasing year over year in 2027.

The firm forecast $430 million in sales in 2030, compared with a consensus estimate of about $512 million, citing "limited" demand from patients paying out-of-pocket and a lack of broad insurance coverage.

RBC Capital Markets initiated coverage of Grail with a sector perform rating and a price target of $84.

Grail's shares were 4.3% higher in Thursday trading.

Price: 78.32, Change: +3.21, Percent Change: +4.27

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