UPDATE: CareDx, Inc (CDNA) PT Raised to $98 at Craig-Hallum, on Positive Preannouncement

Craig-Hallum analyst Alex Nowak raised the price target on CareDx, Inc (NASDAQ: CDNA) to $98.00 (from $94.00) after the company posted a beat on preliminary 4Q20 revenue, driven primarily by AlloSure and AlloMap volume.

The analyst reiterated the Buy rating, stating "It closes out an excellent year for the company with a test brought to the forefront amid the pandemic. For 2021, the Q4 result is significant as CDNA experiences a positive cadence of q/q growth quarters; with 4Q20 beating our 2Q21 estimate, it brings forward our estimates by two quarters. While the stock is up 4x from a year ago, we reiterate the BUY due to a number of drivers in play that should keep moving estimates higher and a core product still only ~6-7% penetrated."

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