CareDx price target raised to $40 from $32 at Craig-Hallum

Craig-Hallum analyst Bill Bonello raised the firm’s price target on CareDx to $40 from $32 and keeps a Buy rating on the shares following the CMS putting out a notice stating that dd-cfDNA tests can be ordered for surveillance. The analyst sees this as “very positive” for CareDx, with a belief that the resumption of surveillance testing “could potentially boost annual revenue by as much as $60M-$90M over time.” The firm added that if revenue does increase $60M-$90M, that revenue would suggest a stock price in the range of $45-$48.