Raymond James analyst Andrew Cooper double downgraded CareDx to Market Perform from Strong Buy without a price target. On Thursday, MolDX issued a billing and coding article that severely limits coverage of the company’s tests in multiple areas, including current Medicare coverage for multimodality in heart and indicates that surveillance testing is only covered when a patient would otherwise have received a surveillance biopsy, limiting the frequency of testing primarily in kidney, the analyst tells investors in a research note. The firm believes "somewhere in the realm" of 30% of overall revenues could be at risk, and is cautious on the new data sparking an immediate reversal and newly split coverage is a marginal offset. Raymond James believes the stock is unlikely to outperform in the near- and immediate-term.
Published first on TheFly
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