CareDx (NASDAQ:CDNA) Trading Down 5.8% – What’s Next?

CareDx, Inc (NASDAQ:CDNA)’s stock price was down 5.8% during trading on Thursday . The stock traded as low as $21.31 and last traded at $21.46. Approximately 67,620 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 898,420 shares. The stock had previously closed at $22.78.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDNA shares. Wells Fargo & Company started coverage on CareDx in a research report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price objective for the company. The Goldman Sachs Group increased their price objective on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a research report on Tuesday, October 22nd. BTIG Research lowered their price objective on CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Craig Hallum increased their price objective on CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, CareDx has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

CareDx Stock Performance

The company has a 50 day moving average of $26.91 and a 200 day moving average of $21.52. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -8.44 and a beta of 1.80.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.11. The company had revenue of $82.88 million during the quarter, compared to analysts’ expectations of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The business’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.43) earnings per share. As a group, research analysts expect that CareDx, Inc will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling at CareDx

In other news, Director Peter Maag sold 35,552 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the completion of the sale, the director now owns 330,024 shares in the company, valued at approximately $10,903,992.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total transaction of $702,327.06. Following the transaction, the insider now directly owns 284,983 shares of the company’s stock, valued at approximately $9,284,746.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Peter Maag sold 35,552 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total value of $1,174,638.08. Following the transaction, the director now directly owns 330,024 shares in the company, valued at $10,903,992.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,340 shares of company stock worth $3,025,415 in the last 90 days. 4.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On CareDx

A number of institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its holdings in CareDx by 1,085.4% in the second quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock worth $33,248,000 after acquiring an additional 1,960,308 shares during the last quarter. Bamco Inc. NY bought a new position in CareDx during the first quarter valued at about $13,025,000. Fred Alger Management LLC boosted its position in shares of CareDx by 517.9% during the 2nd quarter. Fred Alger Management LLC now owns 1,149,602 shares of the company’s stock valued at $17,853,000 after purchasing an additional 963,554 shares in the last quarter. FMR LLC raised its holdings in shares of CareDx by 802.4% during the 3rd quarter. FMR LLC now owns 625,550 shares of the company’s stock valued at $19,533,000 after purchasing an additional 556,230 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CareDx by 78.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company’s stock valued at $21,760,000 after purchasing an additional 306,222 shares in the last quarter.

CareDx Company Profile

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.