CareDx price target raised to $22 from $15 at Craig-Hallum

Craig-Hallum raised the firm’s price target on CareDx to $22 from $15 and keeps a Buy rating on the shares after the company announced that findings from the Surveillance HeartCare Outcomes Registry study have been published in the Journal of Heart and Lung Transplantation. The study demonstrates that HeartCare is a more effective tool than standalone molecular testing for stratifying patient risk and reducing invasive biopsies, the analyst tells investors in a research note. The firm says the published results should drive increased adoption and improved payor coverage for HeartCare. Neither CareDx’s guidance nor Hallum’s estimates reflect this improvement, contends the firm.