CareDx price target lowered to $25 from $28 at BTIG

BTIG lowered the firm’s price target on CareDx to $25 from $28 and keeps a Buy rating on the shares. The company delivered a slight Q4 topline beat that was in-line with its pre-announcement, and its below-consensus FY23 guidance was not surprising as other companies in diagnostics have taken a similar position to setting the bar for this year, the analyst tells investors in a research note. The firm remains positive on CareDX longer term, stating that the company offers a well-rounded suite of industry-leading products and services, strong reimbursement, well-documented clinical data, and a robust pipeline expanding upon a $12B market opportunity with potential to evolve beyond the clinical diagnostic testing market.