CareDx (CDNA) shares tumbled 6.26% in pre-market trading on Thursday, following a significant price target cut by Jefferies. The investment bank reduced its target price for the company from $25 to $21, signaling decreased confidence in the stock's near-term potential.
This downward revision in price target appears to have sparked a sell-off among investors, leading to the sharp decline in CareDx's stock price. The company, which specializes in transplant diagnostics, may face challenges that prompted Jefferies to reassess its valuation.
Investors and market participants will likely be closely watching for any additional analyst comments or company updates that could provide more insight into the factors behind this price target reduction and the subsequent stock movement.