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CDNA

CareDx

$32.11

-5.29 (-14.14%)

12:53
07/16/19
07/16
12:53
07/16/19
12:53

CareDx falls after analyst says AlloSure 'mostly useless' as kidney diagnostic

Shares of transplant diagnostics company CareDx (CDNA) are falling after an earlier report from Sahm Adrangi of Kerrisdale Capital. KERRISDALE SHORT THESIS: Adrangi said in the report that Kerrisdale is short CareDx due to the fact that "share price has increased by 30x over just the last two years and now trades at over 18x sales. The meteoric rise and generous valuation have come in the wake of excitement over the commercialization of AlloSure, a blood test intended to identify organ rejection in kidney transplant recipients." Kerrisdale believes that "AlloSure is mostly useless, and potentially dangerous if used improperly. It should be obvious that a diagnostic test for transplant rejection that misses about 40% of rejections compared to the current standard of care has little place in clinical practice." ANALYST VIEW: Less than a week ago, Craig-Hallum analyst Per Ostlund raised his price target for CareDx to $48 from $40 after President Trump signed an executive order to remake kidney care in the U.S., laying out a series of initiatives that clearly cement organ transplantation as a preferred treatment option for those suffering from kidney disease. While the initiatives will no doubt take some measure of time to translate into an increase in transplants, the analyst believes the order is an "unmitigated positive and wind at the back" for CareDx, which is involved in patient care across the transplant continuum. Ostlund reiterated a Buy rating on the shares at the time. PRICE ACTION: Shares of CareDx are down over 14%, or $5.31, to $32.09 per share in afternoon trading.

  • 01

    Aug

CDNA CareDx
$32.11

-5.29 (-14.14%)

05/09/19
PIPR
05/09/19
NO CHANGE
Target $50
PIPR
Overweight
CareDx price target raised to $50 from $42 at Piper Jaffray
Piper Jaffray analyst William Quirk raised his price target for CareDx to $50 from $42 following the company's better than expected Q1 results and increased outlook. CareDx has widened its "competitive moat" in transplant medicine with KidneyCare, Quirk tells investors in a research note. The stock remains his top small cap idea with an Overweight rating.
05/09/19
HCWC
05/09/19
UPGRADE
Target $43
HCWC
Buy
CareDx upgraded to Buy from Neutral at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju upgraded CareDx to Buy from Neutral and raised his price target for the shares to $43 from $30. The company in Q1 posted positive EBITDA for the third consecutive quarter, Selvaraju tells investors in a research note. The analyst believes CareDx could achieve positive EBITDA sustainably going forward.
07/10/19
RAJA
07/10/19
NO CHANGE
Target $46
RAJA
Strong Buy
CareDx should get 'Trump Bump' from kidney care speech, says Raymond James
Noting that President Donald Trump is expected to discuss policies to increase the volume of organ transplants, including kidneys by 17,000 over time, in a speech scheduled for 11 am ET this morning, Raymond James analyst John Hsu said he anticipates a positive tailwind for organ transplants and a "Trump Bump" for CareDx. While Hsu said he thinks a target to nearly double the current kidney transplant rate is "undoubtedly an ambitious goal" and he sees a 13-15% increase in year one as more likely, he raised his revenue estimates for CareDx given an expected acceleration from the 5% typical increase in annual kidney transplants. He maintains a Strong Buy rating and $46 price target on CareDx shares.
07/11/19
CHLM
07/11/19
NO CHANGE
Target $48
CHLM
Buy
CareDx price target raised to $48 from $40 at Craig-Hallum
Craig-Hallum analyst Per Ostlund raised his price target for CareDx to $48 from $40 after President Trump signed an executive order to remake kidney care in the U.S., laying out a series of initiatives that clearly cement organ transplantation as a preferred treatment option for those suffering from kidney disease. While the initiatives will no doubt take some measure of time to translate into an increase in transplants, the analyst believes the order is an "unmitigated positive and wind at the back" for CareDx, which is involved in patient care across the transplant continuum. Ostlund reiterates a Buy rating on the shares.

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