CareDx price target raised to $40 from $35 at Craig-Hallum

Craig-Hallum analyst Per Ostlund reiterated a Buy rating on CareDX and raised his price target for shares to $40 from $35, telling investors in a research note that the company’s results were “almost comically in excess” of his forecast. With nearly 100 transplant centers already using the test, K-OAR registry enrollment on track and continued early momentum, guidance was raised again, this time by $5.5M at the midpoint despite just one quarter left in the year, he says. Combining the AlloSure strength with continued mid-single digit volume growth in AlloMap, gains in the product business and the achievement of adjusted EBITDA profitability one quarter early, he says it is “difficult not to come away excited.”

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