CareDx (NASDAQ:CDNA) Coverage Initiated at Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group assumed coverage on shares of CareDx (NASDAQ:CDNA) in a research note issued on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $65.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 31.05% from the company’s previous close.

Several other research firms have also commented on CDNA. HC Wainwright reissued a “neutral” rating and issued a $46.00 target price on shares of CareDx in a report on Friday, July 31st. BTIG Research boosted their target price on shares of CareDx from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of CareDx from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Zacks Research upgraded shares of CareDx from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Finally, William Blair raised shares of CareDx to a “hold” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.20.

CareDx Trading Up 1.3%

Shares of CDNA opened at $49.60 on Wednesday. CareDx has a 12 month low of $12.37 and a 12 month high of $53.67. The firm’s 50 day moving average is $39.84 and its 200-day moving average is $27.11. The stock has a market capitalization of $2.57 billion, a PE ratio of 23.96 and a beta of 2.43.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.14. The firm had revenue of $131.95 million during the quarter, compared to analysts’ expectations of $114.05 million. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The company’s quarterly revenue was up 52.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.16) EPS. Equities research analysts predict that CareDx will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director George Bickerstaff sold 20,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the sale, the director directly owned 134,061 shares of the company’s stock, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Hannah Valantine sold 12,103 shares of CareDx stock in a transaction on Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the transaction, the director directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 110,101 shares of company stock valued at $3,654,308. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nykredit A S purchased a new position in CareDx in the second quarter worth $25,000. Quarry LP purchased a new position in shares of CareDx in the 4th quarter worth about $25,000. Allworth Financial LP bought a new position in CareDx during the second quarter valued at about $72,000. Meeder Asset Management Inc. purchased a new stake in CareDx during the fourth quarter worth about $79,000. Finally, Quantbot Technologies LP purchased a new stake in CareDx during the third quarter worth about $89,000.

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.