I started getting this problem after changing the Team ID and Bundle ID of my application. After reading all these similar problems on SO for this and not finding a solution that worked for me, I finally stumbled on what was wrong:
The signature of the target application was configured correctly, but the test purpose was not.
After changing the Team ID and Bundle ID, I did not try to run the tests. As soon as I fixed it (Xcode showed an error on the Target> General> Signing screen), the application and test targets started on my phone.
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