CareDx (NASDAQ:CDNA) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of CareDx (NASDAQ:CDNA) from a strong-buy rating to a buy rating in a report issued on Saturday,Wall Street Zen reports.

Several other brokerages have also recently weighed in on CDNA. Canaccord Genuity Group set a $99.00 price target on shares of CareDx in a research report on Friday. HC Wainwright reaffirmed a “neutral” rating and set a $46.00 price target on shares of CareDx in a research note on Friday, July 31st. William Blair upgraded shares of CareDx to a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of CareDx from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Finally, Zacks Research cut shares of CareDx from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, CareDx presently has an average rating of “Hold” and an average price target of $64.40.

CareDx Price Performance

NASDAQ CDNA opened at $85.88 on Friday. CareDx has a 1-year low of $14.27 and a 1-year high of $90.87. The business has a 50 day simple moving average of $60.67 and a two-hundred day simple moving average of $33.96. The stock has a market capitalization of $4.44 billion, a PE ratio of 424.29 and a beta of 2.38.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.45. The business had revenue of $139.36 million for the quarter, compared to analysts’ expectations of $121.96 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 39.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 EPS. On average, analysts anticipate that CareDx will post 0.47 EPS for the current fiscal year.

Insider Transactions at CareDx

In other CareDx news, Director George Bickerstaff, III sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total transaction of $925,600.00. Following the sale, the director directly owned 134,061 shares in the company, valued at $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CareDx

A number of institutional investors and hedge funds have recently modified their holdings of CDNA. BlackRock Inc. purchased a new stake in CareDx during the 2nd quarter valued at $137,219,000. Bamco Inc. NY bought a new stake in CareDx in the second quarter worth $55,214,000. Amova Asset Management Americas Inc. boosted its stake in CareDx by 2.0% during the first quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company’s stock worth $25,608,000 after buying an additional 28,510 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in CareDx by 2.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company’s stock worth $25,608,000 after buying an additional 28,510 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in CareDx by 11.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,461,914 shares of the company’s stock worth $25,375,000 after buying an additional 151,934 shares during the period.

About CareDx

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.