Grail Near $150 as Investors Price In Medicare Coverage for Galleri

$GRAL has nearly doubled in a month after an FDA panel backed its Galleri cancer blood test, pushing the stock toward $150.
Wolfe Research values Grail near $50 without Medicare coverage and around $150 with coverage. With the stock already trading around the latter level, much of the potential Medicare upside appears reflected in the valuation, while Wolfe estimates the probability of coverage closer to 50%.
Even if approved, coverage would not begin until 2029 and would initially apply only to people ages 50 to 65. Grail is also still losing hundreds of millions of dollars annually, keeping financing and dilution risk in focus.