3 Reasons to Buy Grail (GRAL) Hand Over Fist in October

GRAL picked up a regulatory tailwind: an FDA panel endorsed premarket approval for its Galleri early-cancer blood test with three affirmative votes, a step that could support full FDA approval by 2027.

The revenue trajectory backs the story. GRAL, spun off from ILMN in 2024, grew sales from $93M in 2023 to $147M in 2025 using cash-only sales, meaning patients pay out of pocket rather than through insurers. Expectations call for $181M in 2026.

Valuation is the tension. GRAL trades at 21x 2028 sales, a rich multiple that leaves little room for execution missteps. The bull case rests on two conditions: FDA approval arriving early and Galleri adoption accelerating. If both happen, analysts argue the stock could prove undervalued at current levels.

Interpretation: a 21x forward sales multiple suggests the market already prices in meaningful growth, so the upside depends on the approval timeline beating 2027 rather than merely landing on it. The roughly 23% projected revenue increase from 2025 to 2026 ($147M to $181M) is the near-term proof point the thesis needs.

For ILMN holders, GRAL's progress matters as the spun-off business the company created in 2024.