CareDx (NASDAQ:CDNA) Shares Gap Down – Here’s What Happened

Shares of CareDx, Inc. (NASDAQ:CDNA) gapped down before the market opened on Friday . The stock had previously closed at $40.34, but opened at $37.79. CareDx shares last traded at $39.9720, with a volume of 460,089 shares.

Analysts Set New Price Targets

Several equities analysts recently commented on CDNA shares. Weiss Ratings lowered shares of CareDx from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday. Wall Street Zen raised shares of CareDx from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. BTIG Research upped their price target on shares of CareDx from $28.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Craig Hallum reaffirmed a “hold” rating and issued a $35.00 price target on shares of CareDx in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, CareDx presently has an average rating of “Hold” and a consensus price target of $33.67.

CareDx Stock Performance

The company has a 50 day simple moving average of $24.85 and a two-hundred day simple moving average of $21.14. The firm has a market cap of $2.05 billion, a PE ratio of -248.12 and a beta of 2.43.

CareDx (NASDAQ:CDNA) last released its earnings results on Tuesday, April 28th. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.23. The firm had revenue of $117.70 million during the quarter, compared to the consensus estimate of $102.03 million. CareDx had a negative return on equity of 2.65% and a negative net margin of 2.01%.The company’s revenue was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 earnings per share. As a group, research analysts predict that CareDx, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Hannah Valantine sold 12,103 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $23.11, for a total value of $279,700.33. Following the sale, the director owned 36,686 shares in the company, valued at $847,813.46. This represents a 24.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the completion of the sale, the chief executive officer owned 661,959 shares in the company, valued at $19,355,681.16. The trade was a 5.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 78,936 shares of company stock valued at $2,093,708 over the last three months. 2.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in CareDx during the 4th quarter worth about $25,000. FNY Investment Advisers LLC acquired a new position in shares of CareDx in the 3rd quarter valued at about $31,000. Meeder Asset Management Inc. purchased a new stake in shares of CareDx in the fourth quarter worth about $79,000. Quantbot Technologies LP purchased a new stake in shares of CareDx in the third quarter worth about $89,000. Finally, CWM LLC grew its holdings in CareDx by 119.1% during the fourth quarter. CWM LLC now owns 7,407 shares of the company’s stock worth $140,000 after acquiring an additional 4,026 shares during the period.

About CareDx

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non?invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post?transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor?derived cell?free DNA assay used primarily in kidney transplant monitoring.