StockNews.com Lowers CareDx (NASDAQ:CDNA) to Hold

CareDx (NASDAQ:CDNA) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Saturday.

Several other brokerages have also recently commented on CDNA. Craig Hallum raised their target price on shares of CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. BTIG Research upgraded CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a report on Monday, August 19th. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a report on Thursday, August 1st. The Goldman Sachs Group lifted their target price on shares of CareDx from $16.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company began 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, CareDx has a consensus rating of “Hold” and an average price target of $28.80.

CareDx Trading Down 1.9 %

CDNA stock opened at $28.87 on Friday. The stock’s 50 day simple moving average is $24.75 and its 200 day simple moving average is $16.43. CareDx has a 12-month low of $4.80 and a 12-month high of $34.84. The firm has a market cap of $1.52 billion, a P/E ratio of -8.44 and a beta of 1.77.

CareDx (NASDAQ:CDNA) last announced its earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.37. CareDx had a negative return on equity of 53.65% and a negative net margin of 53.73%. The firm had revenue of $92.27 million for the quarter, compared to the consensus estimate of $67.20 million. On average, research analysts forecast that CareDx will post -0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alexander L. Johnson sold 21,557 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total value of $702,327.06. Following the completion of the transaction, the insider now owns 284,983 shares of the company’s stock, valued at $9,284,746.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Alexander L. Johnson sold 34,231 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the completion of the sale, the insider now owns 284,983 shares of the company’s stock, valued at approximately $9,561,179.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Alexander L. Johnson sold 21,557 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total value of $702,327.06. Following the sale, the insider now owns 284,983 shares of the company’s stock, valued at $9,284,746.14. The disclosure for this sale can be found here. Insiders sold 91,340 shares of company stock worth $3,025,415 over the last ninety days. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of CareDx

Several hedge funds and other institutional investors have recently made changes to their positions in CDNA. Millennium Management LLC boosted 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 valued at $33,248,000 after acquiring an additional 1,960,308 shares during the last quarter. Bamco Inc. NY bought a new position in shares of CareDx in the 1st quarter worth $13,025,000. Fred Alger Management LLC grew its holdings in shares of CareDx by 517.9% during the second quarter. Fred Alger Management LLC now owns 1,149,602 shares of the company’s stock valued at $17,853,000 after buying an additional 963,554 shares during the last quarter. Driehaus Capital Management LLC bought a new position in CareDx in the 2nd quarter valued at about $2,852,000. Finally, Vanguard Group Inc. increased its holdings in CareDx by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock worth $45,537,000 after purchasing an additional 180,334 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.