Craig-Hallum Downgrades CareDx, Inc (CDNA) to Hold 'To Reflect Caution Around Q4 Volume And Uncertainty Around Final LCD Outcome'

Craig-Hallum analyst Bill Bonello downgraded CareDx, Inc (NASDAQ: CDNA) from Buy to Hold.

The analyst comments "With CDNA shares having fully recovered to where they were before MolDX issued its restrictive draft LCD back in July, the risk-reward appears less compelling. At this point, 2026 revenue and longer-term growth will be highly dependent on the shape of the final LCD. We can conceive of a scenario where next year’s numbers are too high and longer-term growth opportunities are less robust than we once believed. In the meantime, we won’t be shocked if the Q4 2025 volume falls below the midpoint of management’s guidance. On the other hand, 2026 estimates could prove conservative (and our downgrade could prove overly cautious) if the final LCD is meaningfully less onerous than the draft LCD, and/or recent improvements in revenue cycle management drive ASP increases that are even greater than what we are currently projecting (+6.4%). Our concerns about Q4 volume could prove conservative if kidney testing protocols adopted over the past several quarters drive test volume more quickly than expected."

For an analyst ratings summary and ratings history on CareDx, Inc click here. For more ratings news on CareDx, Inc click here.

Shares of CareDx, Inc closed at $19.81 yesterday.

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