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Guardant Health, Inc.: Initiation of Research Coverage

Monday, October 29, 2018

William Blair & Company initiated research coverage of Guardant Health, Inc. (GH $35.14), a precision oncology company dedicated to improving outcomes and detecting cancer at its earliest stages.

Analyst Brian Weinstein said, “Guardant has created a liquid biopsy portfolio that is gaining significant traction and has substantial growth opportunity. Guardant360 is the most widely adopted liquid biopsy test used to direct therapy in metastatic, solid tumor patients. Ongoing clinical validation, pursuit of FDA approval with pan-cancer designation, and improving reimbursement coverage set the stage for significant future growth. Biopharma partners represent an important revenue stream. They use Guardant technology, including its second product, GuardantOMNI, in translational research, identification of patients for trials, drug development, and post-approval commercialization. Guardant is leveraging the work being done by its biopharma partners to help bring the next blood-based clinical applications to the market: LUNAR-1, for monitoring recurrence in lung, breast, colorectal, and ovarian cancers; and LUNAR-2, for detection of high-risk, asymptomatic patients, improving on invasive and low-quality screening modalities used today. We believe these programs could completely transform the opportunity for Guardant.”

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*Includes strategic partnerships with Allier Capital, BDA Partners, and Poalim Capital Markets.


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William Blair or an affiliate was a manager or co-manager of a public offering of equity securities of Guardant Health, Inc. within the prior 12 months

William Blair or an affiliate beneficially owns or controls (either directly or through its managed accounts) 1% or more of the equity securities of Guardant Health, Inc. as of the end of the month ending not more than 40 days from the date herein.

William Blair or an affiliate is a market maker in the security of Guardant Health, Inc.

William Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from Guardant Health, Inc. or an affiliate within the next three months.

William Blair or an affiliate received compensation for investment banking services or non-investment-banking services from Guardant Health, Inc. within the last 12 months. Guardant Health, Inc. is or was, within the last 12 months, an investment banking client of William Blair & Company and/or one or more of its affiliates.

Officers and employees of William Blair or its affiliates (other than research analysts) may have a financial interest in securities of Guardant Health, Inc.

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Additional information is available upon request.

Current Ratings Distribution (as of 10/29/18)

Coverage Universe
Outperform (Buy): 67%
Market Perform (Hold): 32%
Underperform (Sell): 1%

Inv. Banking Relationships*
Outperform (Buy): 22%
Market Perform (Hold): 8%
Underperform (Sell): 0%

* Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has received compensation for investment banking services within the past 12 months.

The compensation of the research analyst is based on a variety of factors, including the quality and accuracy of research, client feedback, contributions to other firm departments, competitive factors, and firm profitability.

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