CareDx price target lowered to $30 from $35 at BTIG

BTIG lowered the firm’s price target on CareDx (CDNA) to $30 from $35 and keeps a Buy rating on the shares. The shares are off 9% after the company delivered an in-line Q1 and reiterated its FY guidance, which the firm views as a significant overreaction for an in-line quarter, the analyst tells investors in a research note. The firm said it has seen particularly volatile moves this earnings season, so a 9% move seems more akin to a 3% move in a more normalized tape, adding that it believes the company is putting the building blocks to deliver upside in the second half of the year. BTIG believes current levels represent an attractive entry point for investors, and thinks the stock is particularly undervalued given its double-digit growth, leadership position, and strong gross margins.