CareDx (NASDAQ:CDNA) Reaches New 1-Year High After Analyst Upgrade

CareDx, Inc. (NASDAQ:CDNA)’s stock price reached a new 52-week high on Thursday after BTIG Research raised their price target on the stock from $28.00 to $45.00. BTIG Research currently has a buy rating on the stock. CareDx traded as high as $35.50 and last traded at $36.5450, with a volume of 137228 shares trading hands. The stock had previously closed at $29.75.

A number of other equities research analysts have also commented on CDNA. Weiss Ratings upgraded CareDx from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, June 26th. Wall Street Zen upgraded CareDx from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Finally, Craig Hallum reissued a “hold” rating and issued a $35.00 price target on shares of CareDx in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $33.67.

Insiders Place Their Bets

In related news, 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 directly owned 661,959 shares in the company, valued at approximately $19,355,681.16. This trade represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of CareDx 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 directly owned 36,686 shares of the company’s stock, valued at approximately $847,813.46. The trade was a 24.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 78,936 shares of company stock worth $2,093,708 over the last ninety days. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CareDx

Several large investors have recently made changes to their positions in CDNA. State Street Corp raised its position in CareDx by 6.7% during the fourth quarter. State Street Corp now owns 2,737,752 shares of the company’s stock valued at $51,579,000 after acquiring an additional 171,303 shares in the last quarter. Bamco Inc. NY grew its position in CareDx by 11.2% in the second quarter. Bamco Inc. NY now owns 2,435,657 shares of the company’s stock worth $47,593,000 after acquiring an additional 245,651 shares in the last quarter. Deerfield Management Company L.P. acquired a new position in shares of CareDx during the 3rd quarter worth $31,857,000. Gagnon Securities LLC increased its stake in shares of CareDx by 2.6% during the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company’s stock worth $33,439,000 after purchasing an additional 45,465 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of CareDx by 2.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company’s stock valued at $25,608,000 after purchasing an additional 28,510 shares in the last quarter.

CareDx Stock Performance

The firm’s 50 day moving average is $25.21 and its 200-day moving average is $21.27. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -248.31 and a beta of 2.43.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.34 earnings per share (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 analysts’ expectations of $102.03 million. CareDx had a negative net margin of 2.01% and a negative return on equity of 2.65%. CareDx’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 earnings per share. As a group, research analysts predict that CareDx, Inc. will post 0.22 EPS for the current year.

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.