CareDx (NASDAQ:CDNA) Shares Down 7.9% – Here’s Why

Shares of CareDx, Inc. (NASDAQ:CDNA) fell 7.9% during trading on Thursday . The stock traded as low as $17.37 and last traded at $17.4150. 659,088 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 918,300 shares. The stock had previously closed at $18.90.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CDNA. Weiss Ratings restated a “hold (c-)” rating on shares of CareDx in a research report on Monday, December 29th. Wall Street Zen raised CareDx from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Wells Fargo & Company boosted their price target on CareDx from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Monday, December 15th. Zacks Research upgraded CareDx from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, Craig Hallum lowered CareDx from a “buy” rating to a “hold” rating and set a $26.00 price objective on the stock. in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, CareDx currently has an average rating of “Hold” and an average target price of $26.67.

CareDx Stock Down 8.7%

The business’s fifty day moving average is $17.90 and its 200-day moving average is $15.84. The stock has a market capitalization of $887.42 million, a PE ratio of 14.54 and a beta of 2.49.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.15. CareDx had a net margin of 19.65% and a return on equity of 20.15%. The company had revenue of $100.06 million for the quarter, compared to analyst estimates of $95.25 million. During the same quarter last year, the business earned ($0.14) EPS. CareDx’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, sell-side analysts anticipate that CareDx, Inc. will post -0.9 EPS for the current fiscal year.

Institutional Investors Weigh In On CareDx

A number of institutional investors have recently added to or reduced their stakes in CDNA. FNY Investment Advisers LLC purchased a new position in shares of CareDx in the 3rd quarter worth about $31,000. Virtus Advisers LLC increased its position in CareDx by 843.6% during the 3rd quarter. Virtus Advisers LLC now owns 40,564 shares of the company’s stock worth $590,000 after purchasing an additional 36,265 shares in the last quarter. Verition Fund Management LLC increased its position in CareDx by 214.6% during the 3rd quarter. Verition Fund Management LLC now owns 130,893 shares of the company’s stock worth $1,903,000 after purchasing an additional 89,284 shares in the last quarter. Palo Alto Investors LP purchased a new position in CareDx in the third quarter valued at approximately $4,598,000. Finally, Millennium Management LLC raised its holdings in CareDx by 504.0% in the third quarter. Millennium Management LLC now owns 413,689 shares of the company’s stock valued at $6,015,000 after buying an additional 345,197 shares during the period.

CareDx Company Profile

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.