CareDx (CDNA) Lifted to “Buy” at HC Wainwright

HC Wainwright upgraded shares of CareDx (NASDAQ:CDNA) from a neutral rating to a buy rating in a research report report published on Thursday morning, AnalystRatings.com reports. They currently have $43.00 price objective on the stock, up from their prior price objective of $30.00.

“Our 12-month price target is based on an estimated market value of the firm at $1.83B, which includes a discounted cash flow analysis based asset value for pre- and post-transplant tests, using a 10% discount rate and 2% terminal growth rate, and assuming 43M shares outstanding at the end of 1Q20. Investment risks include: (1) failure of to achieve commercial success due to market size, penetration rate, and/or competition; and (2) potential dilution risk. CareDx, Inc.”,” HC Wainwright’s analyst commented.

CDNA has been the topic of several other reports. Zacks Investment Research raised CareDx from a strong sell rating to a hold rating in a report on Thursday, March 7th. BidaskClub downgraded CareDx from a strong-buy rating to a buy rating in a report on Tuesday, January 15th. Jefferies Financial Group assumed coverage on CareDx in a report on Friday, February 15th. They issued a buy rating and a $35.00 target price on the stock. Piper Jaffray Companies boosted their target price on CareDx from $42.00 to $50.00 and gave the stock an overweight rating in a report on Thursday. Finally, Raymond James boosted their target price on CareDx from $38.00 to $46.00 and gave the stock a strong-buy rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $40.17.

CareDx stock opened at $32.27 on Thursday. CareDx has a 12 month low of $10.04 and a 12 month high of $39.38. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -24.63 and a beta of 1.09.

CareDx (NASDAQ:CDNA) last released its earnings results on Wednesday, May 8th. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.03). CareDx had a negative return on equity of 62.13% and a negative net margin of 51.21%. The company had revenue of $25.98 million during the quarter, compared to the consensus estimate of $24.27 million. On average, sell-side analysts anticipate that CareDx will post -0.4 EPS for the current fiscal year.

In other news, insider Sasha King sold 2,500 shares of the company’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $25.00, for a total transaction of $62,500.00. Following the transaction, the insider now directly owns 76,387 shares of the company’s stock, valued at $1,909,675. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James P. Yee sold 32,500 shares of the company’s stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $23.88, for a total value of $776,100.00. Following the transaction, the insider now directly owns 73,543 shares in the company, valued at $1,756,206.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 197,072 shares of company stock worth $6,150,639. Corporate insiders own 3.40% of the company’s stock.

Large investors have recently made changes to their positions in the company. Crawford Lake Capital Management LLC purchased a new stake in CareDx during the fourth quarter valued at $3,146,000. Kornitzer Capital Management Inc. KS purchased a new stake in CareDx during the fourth quarter valued at $6,043,000. FMR LLC purchased a new stake in CareDx during the third quarter valued at $577,000. BlackRock Inc. increased its position in CareDx by 3.0% during the third quarter. BlackRock Inc. now owns 2,328,861 shares of the company’s stock valued at $67,187,000 after acquiring an additional 67,556 shares during the last quarter. Finally, QS Investors LLC purchased a new stake in CareDx during the fourth quarter valued at $1,709,000. 86.86% of the stock is currently owned by hedge funds and other institutional investors.

About CareDx

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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