CareDx price target lowered to $19 from $25 at BTIG

BTIG lowered the firm’s price target on CareDx to $19 from $25 and keeps a Buy rating on the shares. The stock dropped 33% after Medicare revised its organ transplant coverage policy, which appears to render "multimodality" testing a thing of the past, effective March 31, the analyst tells investors in a research note. The firm says the big near-term impact is on CareDx’s "HeartCare" bundle where the new rule states that in a patient visit, only one test can be ordered at a time. It now finds it unlikely that the Centers for Medicare and Medicaid Services approves the company’s KidneyCare submission.