BTIG analyst Mark Massaro has reiterated their neutral stance on CDNA stock, giving a Hold rating on November 9.
Mark Massaro has given his Hold rating due to a combination of factors including the company’s recent management reshuffle and financial performance. CareDx has seen a flurry of changes in 2023, with the most notable being the departure of CEO Reg Seeto. Alex Johnson, who has a longstanding association with the firm, is part of the interim three-person team leading the company until a new CEO is found. Despite these changes, the company reported a strong Q3 performance, surpassing revenue expectations and raising its 2023 revenue guide.
The company also noted a stabilization in volume trends, hinting at a potential recovery. Despite these positive signs, Massaro would like to see further quarters of operational improvement before recommending the stock. This cautious approach is further underscored by the ongoing search for a new CEO, which introduces an element of uncertainty. CDNA’s stock is currently trading at 0.5 times BTIG’s 2024 revenue estimates. Taken together, these factors have led Massaro to maintain a Neutral or Hold rating on CareDx’s stock.
In another report released on November 9, Craig-Hallum also maintained a Hold rating on the stock with a $9.00 price target.
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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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