CareDx (NASDAQ:CDNA) Sets New 52-Week High – What’s Next?

CareDx, Inc. (NASDAQ:CDNA)’s share price reached a new 52-week high on Monday . The company traded as high as $55.21 and last traded at $53.7380, with a volume of 1203 shares traded. The stock had previously closed at $53.83.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CDNA shares. Canaccord Genuity Group began coverage on CareDx in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $65.00 price target on the stock. HC Wainwright restated a “neutral” rating and set a $46.00 target price on shares of CareDx in a research note on Friday, July 31st. Zacks Research raised shares of CareDx from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. William Blair upgraded shares of CareDx to a “hold” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of CareDx from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. One equities research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.20.

CareDx Trading Up 1.2%

The company has a market capitalization of $2.82 billion, a PE ratio of 26.20 and a beta of 2.43. The stock has a fifty day simple moving average of $45.32 and a 200-day simple moving average of $29.85.

CareDx (NASDAQ:CDNA) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The business had revenue of $131.95 million for the quarter, compared to the consensus estimate of $114.05 million. During the same quarter in the prior year, the business posted ($0.16) EPS. The business’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, equities research analysts predict that CareDx, Inc. will post 0.47 EPS for the current year.

Insider Buying and Selling at CareDx

In other CareDx news, CEO Walter Jr sold 39,900 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $29.24, for a total value of $1,166,676.00. Following the transaction, the chief executive officer directly owned 661,959 shares in the company, valued at $19,355,681.16. This represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of the firm’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 approximately $6,204,343.08. The trade was a 12.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 76,000 shares of company stock worth $2,846,216 over the last three months. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On CareDx

Hedge funds have recently made changes to their positions in the company. Nykredit A S acquired a new position in CareDx during the 2nd quarter worth approximately $25,000. Integrated Wealth Concepts LLC acquired a new stake in shares of CareDx in the 2nd quarter valued at approximately $29,000. Allworth Financial LP acquired a new stake in shares of CareDx in the 2nd quarter valued at approximately $72,000. Meeder Asset Management Inc. boosted its stake in shares of CareDx by 92.3% in the first quarter. Meeder Asset Management Inc. now owns 8,067 shares of the company’s stock valued at $140,000 after buying an additional 3,871 shares in the last quarter. Finally, Amundi purchased a new stake in shares of CareDx in the first quarter valued at approximately $206,000.

CareDx Company Profile

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.