Grail upgraded to Buy from Hold at TD Cowen

TD Cowen analyst Dan Brennan upgraded Grail (GRAL) to Buy from Hold with a price target of $65, down from $114. The firm believes the recent selloff in the shares creates an attractive entry point. Grail shares are down 60% following the NHS-Galleri study results and CEO change, the analyst tells investors in a research note. TD says its key opinion leader work is more positive than current investor sentiment. The leaders view the NHS study design as key to the miss and believe the 20%-plus shift in stage IV cancer is meaningful, contends the firm. TD says Grail has a first-mover advantage in multi-cancer early detection, a market it is bullish on.