Piper Jaffray analyst William R. Quirk lowered estimates and his price target on CareDx, Inc (NASDAQ: CDNA) to $8.00 (from $13.00) following Q4 results but maintained an Overweight rating.

Quirk commented, "CareDx reported 4Q14 revenue growth of 35.8% to $8.0M, above our ($6.7M) and consensus ($6.9M) expectations, although a one-time $1.1M LabCorp payment drove the upside. Excluding the one-time payment, revenue was in-line. Management reiterated its cfDNA-based heart assay launch timelines and data release (ISHLT), although announced a change to cfDNA kidney expectations. Specifically, management will launch the DART study 1H15 (clinical validity) to replace KIDNA, with an 18- month follow up (6-month early access look). As a result, management expects no kidney revenue in 2016 (we were modeling $10M). While the change in kidney timelines is disappointing, we are encouraged with the first take of cfDNA heart data, suggesting cfDNA can detect rejection before traditional biopsies. We remain Overweight with an $8 price target based on an unchanged 3.2x FY17E EV/revenue discounted 25% basis, with a lower price target reflecting delayed kidney test timelines. "

The firm lowered FY 2015 EPS from ($0.50) to ($0.72) and FY 2016 EPS from $0.04 to ($0.51).

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Shares of CareDx, Inc closed at $6.64 yesterday.