CareDx (CDNA) stock surged 5.76% in pre-market trading on Wednesday, following an analyst rating upgrade from Wells Fargo. The healthcare company's shares received a boost after Wells Fargo upgraded its rating on CDNA from Underweight to Equal-Weight, signaling improved sentiment towards the stock.
Analysts at Wells Fargo also adjusted their price target for CareDx, lowering it from $28 to $24 per share. Despite the reduced target, the new $24 price objective still represents significant upside potential from the current trading levels, potentially fueling the pre-market rally.
The rating upgrade comes as CareDx enjoys an average "overweight" rating from analysts covering the stock, according to data from FactSet. The mean price target among analysts stands at $32.25, further highlighting the positive outlook and growth prospects for the company.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.