CareDx price target lowered to $35 from $40 at BTIG

BTIG lowered the firm’s price target on CareDx (CDNA) to $35 from $40 but keeps a Buy rating on the shares. The company’s Q3 revenue matched its pre-announced levels while beating the Street by $3M, and the management raised its FY24 revenue guide by $5M at the midpoint, the analyst tells investors in a research note. The raised revenue guidance also “looks achievable” as it assumes volume growth in the mid teens, second-half average selling prices of about $1,300 range, and no change to Medicare coverage, the firm added.