CareDx (CDNA) Cut to “Buy” at BidaskClub

CareDx (NASDAQ:CDNA) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday, March 29th, BidAskClub reports.

CDNA has been the topic of a number of other research reports. Zacks Investment Research upgraded CareDx from a “strong sell” rating to a “hold” rating in a report on Thursday, March 7th. HC Wainwright reiterated a “hold” rating and set a $27.00 price target on shares of CareDx in a report on Friday, December 21st. Jefferies Financial Group started coverage on CareDx in a report on Friday, February 15th. They set a “buy” rating and a $35.00 price target on the stock. Finally, Raymond James lifted their price target on CareDx from $38.00 to $46.00 and gave the stock a “strong-buy” rating in a report on Friday, March 22nd. Three analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $36.67.

CDNA stock traded up $0.04 during midday trading on Friday, reaching $26.50. The stock had a trading volume of 519,662 shares, compared to its average volume of 928,582. The firm has a market capitalization of $1.11 billion, a P/E ratio of -20.23 and a beta of 1.20. CareDx has a 52-week low of $8.98 and a 52-week high of $39.38.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Wednesday, March 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The firm had revenue of $23.51 million during the quarter, compared to analysts’ expectations of $23.34 million. CareDx had a negative net margin of 61.06% and a negative return on equity of 63.64%. As a group, equities research analysts predict that CareDx will post -0.4 earnings per share for the current year.

In other news, CFO Michael Brian Bell sold 28,122 shares of the business’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $25.40, for a total transaction of $714,298.80. Following the completion of the transaction, the chief financial officer now directly owns 82,198 shares of the company’s stock, valued at $2,087,829.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael Goldberg sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $37.36, for a total value of $1,868,000.00. Following the transaction, the director now directly owns 84,740 shares of the company’s stock, valued at $3,165,886.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 195,822 shares of company stock valued at $6,113,764. 3.40% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Conestoga Capital Advisors LLC acquired a new position in shares of CareDx during the first quarter worth about $413,000. Meeder Asset Management Inc. grew its position in shares of CareDx by 6.7% during the first quarter. Meeder Asset Management Inc. now owns 6,072 shares of the company’s stock worth $191,000 after buying an additional 380 shares in the last quarter. Armstrong Henry H Associates Inc. acquired a new position in shares of CareDx during the first quarter worth about $505,000. Virtu Financial LLC acquired a new position in shares of CareDx during the first quarter worth about $1,116,000. Finally, MUFG Securities EMEA plc acquired a new position in shares of CareDx during the fourth quarter worth about $6,388,000. 86.86% of the stock is owned by institutional investors and hedge funds.

CareDx Company Profile

CareDx, Inc, a transplant diagnostics company, together with its subsidiaries, focuses on the discovery, development, and commercialization of diagnostic solutions for transplant patients worldwide. The company develops and provides a diagnostic surveillance testing solution for heart and kidney transplant recipients.

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Analyst Recommendations for CareDx (NASDAQ:CDNA)

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