Canaccord Genuity has reiterated its Buy recommendation for GRAIL, Inc. (NASDAQ: GRAL) and reaffirmed a $105.00 per share price target after the company published preliminary results for the fourth quarter and full year 2025. The stock was trading at $104.90, near the firm’s target and below its 52-week high of $118.84.
GRAIL released its preliminary results on Monday, January 12, and those figures surpassed both Canaccord’s internal forecasts and the FactSet consensus. The beat was driven in part by a 35% year-over-year increase in full-year 2025 Galleri testing volume.
According to InvestingPro data cited alongside the results, GRAIL recorded 20.5% revenue growth over the past twelve months. However, the company continued to report negative gross profit margins, with a reported margin of -47.5%.
Management provided guidance for full-year 2026 that sits above analysts’ expectations at the midpoint. Specifically, GRAIL projected Galleri testing revenue growth of 22% to 32% year over year for 2026, a range that is generally consistent with the growth rate seen in 2025. Despite the revenue outlook, InvestingPro’s consensus does not project the company to be profitable in the coming year, with an EPS forecast of -$8.99 for FY2025.
On cash management, GRAIL expects to sustain the reduced cash burn profile it established in 2025 into 2026. The company finished the fourth quarter of 2025 with approximately $904 million in cash, supported by recent financing that included a $325 million private placement and $110 million raised through at-the-market (ATM) sales.
InvestingPro’s balance-sheet snapshot noted that GRAIL holds more cash than debt and reported a current ratio of 7.61, indicating that its liquid assets significantly exceed short-term liabilities.
Canaccord highlighted several potential valuation supports for GRAIL going forward. Those include the planned first-quarter 2026 FDA submission for Galleri, continued commercial penetration of the test, and full data readouts from the PATHFINDER 2 and NHS-Galleri studies - developments the firm says could lead to Medicare coverage and NHS adoption in the UK. The company carries a market capitalization of $4.09 billion and has delivered a 266.7% total price return over the past year.
Additional financial results disclosed earlier in the year were noted as context for the firm’s outlook. GRAIL’s third-quarter 2025 results showed a 26% year-over-year revenue increase to $36.2 million, largely driven by Galleri. The company reported a net loss of $89 million for that quarter, while its non-GAAP adjusted gross margin improved to 55% from 41% a year prior.
GRAIL also announced an at-the-market offering of up to $300 million in common stock and entered into an Equity Distribution Agreement with Morgan Stanley and TD Securities.
In response to the preliminary fourth-quarter and full-year 2025 results, Canaccord maintained its Buy rating and set the $105 price target, pointing to what it described as material progress on adoption and reimbursement for the Galleri test. The firm emphasized the 35% year-over-year growth in Galleri testing volume for 2025 as evidence of continued commercial momentum that exceeded both analyst estimates and FactSet consensus.
InvestingPro’s research notes also referenced 11 additional insights on GRAIL’s financial condition and growth trajectory in its Pro Research Report.
Overall, the company’s recent disclosures and analyst commentary underscore continued investor focus on Galleri adoption, regulatory milestones and upcoming study readouts as the primary drivers for valuation and future revenue growth.