CareDx (NASDAQ:CDNA) Reaches New 12-Month High – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA) shares reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $72.71 and last traded at $71.4140, with a volume of 253,968 shares. The stock had previously closed at $69.20.

Analyst Upgrades and Downgrades

CDNA has been the subject of a number of recent analyst reports. HC Wainwright restated a “neutral” rating and issued a $46.00 target price on shares of CareDx in a report on Friday, July 31st. Canaccord Genuity Group increased their price target on shares of CareDx from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday. BTIG Research lifted their price target on shares of CareDx from $60.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 24th. Zacks Research lowered shares of CareDx from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Finally, Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $57.00.

CareDx Stock Performance

The business has a fifty day moving average price of $55.87 and a 200 day moving average price of $36.98. The company has a market capitalization of $3.68 billion, a PE ratio of 34.35 and a beta of 2.38.

CareDx (NASDAQ:CDNA) last issued its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.14. The business 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 revenue for the quarter was up 52.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) EPS. Research analysts forecast that CareDx, Inc. will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director George Bickerstaff, III sold 20,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the sale, the director owned 134,061 shares of the company’s stock, valued at $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christine Cournoyer sold 16,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total transaction of $751,040.00. Following the completion of the transaction, the director directly owned 42,943 shares in the company, valued at approximately $2,015,744.42. This represents a 27.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in CareDx in the 2nd quarter valued at $137,219,000. Bamco Inc. NY acquired a new position in shares of CareDx during the second quarter worth about $55,214,000. Bank of America Corp DE acquired a new position in shares of CareDx during the second quarter worth about $16,297,000. Palo Alto Investors LP purchased a new stake in shares of CareDx in the second quarter worth about $15,158,295. Finally, Jupiter Topco LLC purchased a new stake in shares of CareDx in the second quarter worth about $9,673,000.

CareDx Company Profile

CareDx, Inc is a healthcare diagnostics company focused on improving the care of organ-transplant patients. The company develops and commercializes noninvasive tests and digital tools intended to help physicians assess transplant-organ health, identify potential rejection, and support long-term patient management.

Its offerings include AlloSure donor-derived cell-free DNA tests for monitoring transplant recipients, AlloMap gene-expression testing for heart-transplant patients, and HeartCare, which combines AlloMap and AlloSure results.