NINGI short Grail, says ‘approval and commercialization all but impossible’

In a recently published report, NINGI Research says it is short Grail (GRAL), arguing that “the company’s overly ambitious approach to cancer screening has created insurmountable regulatory roadblocks. Additionally, leadership’s persistent disregard for expert advice and a dysfunctional corporate culture have led to significant operational missteps, disappointing sales, and looming financial distress.” “In the end, we believe GRAIL’s cancer detection test is backed by data that is just enough to create investor hype, but far too weak to convince experts, regulators, or insurers of its clinical utility,” NINGI added. “Management expects GRAIL’s cash reserves to last until 2028. However, we believe that by then, reimbursement and broad market adoption will still be absent. Therefore, GRAIL’s fair value should remain anchored to its projected cash reserves through 2025-approximately $14.28 per share,” the report reads. Shares of Grail have dropped almost 6% in Monday morning trading.