Mason Carrico, an analyst from Stephens, assigned the Buy rating on CareDx (CDNA – Research Report). The associated price target is $10.00.
Mason Carrico’s Buy rating for CareDx’s stock is drawn from several key factors. Firstly, he notes an improved visibility into the company’s operations and a normalization of transplant volumes after the third quarter of 2023. This has increased his confidence in the stability of clinician ordering patterns, which he believes have found a new baseline that CareDx’s testing services business can build upon.
Carrico also highlights the company’s operational initiatives, which he observes are progressing ahead of schedule. This, he believes, will enable CareDx to continue generating revenue, even if the stricter billing article/LCD remains in place. Another aspect is the company’s financial position, with around $270M in cash, Carrico predicts that CareDx is capable of funding its operations for multiple years. Additionally, he believes that despite the company’s current cash burn, further operational improvements, expanding coverage, and cost reduction opportunities will gradually improve the cash burn situation.
According to TipRanks, Carrico is ranked #8269 out of 8489 analysts.
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CareDx (CDNA) Company Description:
CareDx, Inc. operates as a transplant diagnostics company,which discovers, develops, and commercializes diagnostic solutions. Its product includes AlloMap, AlloSure, and Laboratory products. The company was founded on December 21, 1998 and is headquartered in Brisbane, CA.
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