CareDx (NASDAQ:CDNA) Shares Gap Up Following Analyst Upgrade

CareDx Inc (NASDAQ:CDNA) gapped up prior to trading on Friday after Raymond James raised their price target on the stock from $46.00 to $48.00. The stock had previously closed at $29.54, but opened at $34.00. Raymond James currently has a strong-buy rating on the stock. CareDx shares last traded at $35.01, with a volume of 1,970,555 shares changing hands.

CDNA has been the topic of a number of other research reports. HC Wainwright upgraded CareDx from a “neutral” rating to a “buy” rating and upped their price target for the company from $30.00 to $43.00 in a research report on Thursday, May 9th. Craig Hallum set a $48.00 target price on CareDx and gave the company a “positive” rating in a research report on Thursday, July 11th. BidaskClub upgraded CareDx from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Jaffray Companies upped their target price on CareDx from $50.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday. Finally, TheStreet lowered CareDx from a “c” rating to a “d” rating in a research report on Thursday, May 23rd. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. CareDx has a consensus rating of “Buy” and a consensus target price of $44.00.

In other CareDx news, insider James P. Yee sold 20,000 shares of CareDx stock in a transaction on Monday, June 17th. The shares were sold at an average price of $37.54, for a total value of $750,800.00. Following the completion of the transaction, the insider now owns 62,170 shares of the company’s stock, valued at $2,333,861.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Maag sold 80,000 shares of CareDx stock in a transaction on Monday, May 13th. The shares were sold at an average price of $31.11, for a total transaction of $2,488,800.00. Following the completion of the transaction, the chief executive officer now directly owns 408,406 shares of the company’s stock, valued at approximately $12,705,510.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 187,180 shares of company stock valued at $6,373,653. 3.20% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNA. Bank of New York Mellon Corp boosted its holdings in CareDx by 2.2% in the fourth quarter. Bank of New York Mellon Corp now owns 210,653 shares of the company’s stock worth $5,295,000 after purchasing an additional 4,468 shares during the last quarter. Northern Trust Corp boosted its position in shares of CareDx by 6.0% during the 4th quarter. Northern Trust Corp now owns 439,231 shares of the company’s stock worth $11,042,000 after purchasing an additional 24,677 shares in the last quarter. Great West Life Assurance Co. Can purchased a new stake in shares of CareDx during the 4th quarter worth $81,000. Geode Capital Management LLC boosted its position in shares of CareDx by 12.0% during the 4th quarter. Geode Capital Management LLC now owns 399,668 shares of the company’s stock worth $10,047,000 after purchasing an additional 42,944 shares in the last quarter. Finally, American International Group Inc. boosted its position in shares of CareDx by 4.6% during the 4th quarter. American International Group Inc. now owns 23,112 shares of the company’s stock worth $581,000 after purchasing an additional 1,019 shares in the last quarter. 88.87% of the stock is owned by institutional investors.

The company has a 50-day moving average price of $35.56. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -26.73 and a beta of 0.91.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.07). CareDx had a negative net margin of 51.21% and a negative return on equity of 52.93%. The company had revenue of $31.45 million for the quarter, compared to analyst estimates of $27.96 million. As a group, sell-side analysts predict that CareDx Inc will post -0.53 EPS for the current fiscal year.

CareDx Company Profile (NASDAQ:CDNA)

CareDx, Inc operates as a transplant diagnostics company,which discovers, develops, and commercializes diagnostic solutions. Its product includes AlloMap, AlloSure, and Laboratory products. The company was founded on December 21, 1998 and is headquartered in Brisbane, CA.

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