Overhang should lift for Guardant after AstraZeneca AdCom, says Leerink

Leerink notes that Guardant Health (GH) shares have reacted negatively to the release of FDA briefing documents for AstraZeneca’s (AZN) camizestrant Advisory Committee meeting as the briefing documents “lean slightly skeptical of a clean win based on the FDA’s commentary.” However, the firm views it as “important to note” that this is an AstraZeneca-focused AdCom for camizestrant with no Guardant representatives participating in the meeting. The firm believes downside for Guardant is limited at current levels as there was already skepticism on a clean win and contends that shares should see an overhang lift after the AdCom, irrespective of the outcome. Leerink keeps an Outperform rating on Guardant Health shares.