NEW YORK – Investment bank Craig-Hallum said Wednesday that it upgraded its rating of CareDx to Buy, with a price target of $15, based on a strong financial position, new CEO, and the possibility of restored Medicare coverage for kidney transplant surveillance testing.

纽约——投资银行克雷格·哈勒姆（CraigHallum）周三表示，基于强劲的财务状况、新任首席执行官以及恢复医疗保险覆盖范围进行肾移植监测测试的可能性，该行将CareDx评级上调为买入，目标价格为15美元。

'For the past 12 months, [transplant diagnostics firm CareDx] has been almost uninvestable,' Craig-Hallum analyst Bill Bonello wrote in a note to investors, citing uncertainty around Medicare coverage and billing rules, declining revenue, and six months without a CEO.

克雷格·哈勒姆（CraigHallum）分析师比尔·博内洛（BillBonello）在给投资者的一份报告中写道：“过去12个月来，[移植诊断公司CareDx]几乎无法投资，原因是医疗保险覆盖范围和账单规则不确定，收入下降，以及六个月没有首席执行官。

'Today,' he wrote, 'the story is substantially de-risked. Medicare cuts are annualizing. Guidance is conservative. The company has $235 million of cash and marketable securities and no debt, which is more than enough to get to cash flow breakeven. There is a new CEO who seems to be focused on all the right things.'.

“今天，”他写道，“故事的风险大大降低了。医疗保险的削减正在按年进行。指导是保守的。该公司拥有2.35亿美元现金和有价证券，没有债务，足以实现现金流盈亏平衡。有一位新CEO似乎专注于所有正确的事情。”。

Brisbane, California-based CareDx offers noninvasive organ transplant surveillance through its AlloSure and AlloMap profiling tests. Bonello noted that heart transplant volumes are at record levels, with continued growth on the horizon for the foreseeable future.

总部位于加利福尼亚州布里斯班的CareDx通过其AlloSure和AlloMap分析测试提供无创器官移植监测。博内洛指出，心脏移植量处于创纪录水平，在可预见的未来将继续增长。

According to Bonello, there is some $200 million in revenue waiting to be realized in currently unpaid tests. He estimated that approximately 40 percent of the company's tests go unpaid.

据Bonello称，目前尚未支付的测试将带来约2亿美元的收入。他估计，该公司大约40%的测试没有支付。

Bonello also estimated an additional $70 million to $90 million in annualized revenue, should Medicare restore kidney transplant surveillance coverage.

Bonello还估计，如果Medicare恢复肾移植监测覆盖率，年收入将增加7000万至9000万美元。

'CareDx is still in the early innings of penetrating the kidney transplant market,' Bonello wrote, estimating a total addressable market in the billions.

“CareDx仍处于渗透肾移植市场的早期阶段，”Bonello写道，估计总可寻址市场规模为数十亿。

Bonello noted several risks to investing in CareDx, which include further Medicare reimbursement changes and other regulatory changes, physician behavior and adherence to testing guidelines, slower AlloSure penetration, and declines in legacy businesses.

Bonello指出了投资CareDx的几个风险，其中包括进一步的医疗保险报销变化和其他监管变化，医生的行为和对测试指南的遵守，较慢的分配渗透以及传统业务的下降。

In premarket trading on the Nasdaq, shares of CareDx were up roughly 6 percent, at $8.25 per share.

在纳斯达克的上市前交易中，CareDx的股价上涨了约6%，达到每股8.25美元。