HC Wainwright Issues Optimistic Forecast for CareDx Earnings

CareDx, Inc (NASDAQ:CDNA) – Equities research analysts at HC Wainwright raised their Q3 2024 earnings per share estimates for CareDx in a note issued to investors on Tuesday, October 22nd. HC Wainwright analyst Y. Chen now expects that the company will post earnings per share of ($0.23) for the quarter, up from their previous estimate of ($0.25). HC Wainwright has a “Neutral” rating on the stock. The consensus estimate for CareDx’s current full-year earnings is ($0.84) per share. HC Wainwright also issued estimates for CareDx’s FY2024 earnings at ($0.81) EPS, Q1 2025 earnings at ($0.19) EPS, Q2 2025 earnings at ($0.16) EPS, Q3 2025 earnings at ($0.14) EPS, Q4 2025 earnings at ($0.10) EPS and FY2025 earnings at ($0.60) EPS.

Several other research analysts also recently commented on the stock. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. BTIG Research upgraded shares of CareDx from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Monday, August 19th. The Goldman Sachs Group upped their price target on shares of CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Wells Fargo & Company began coverage on CareDx in a report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price objective on the stock. Finally, Craig Hallum raised their price target on shares of CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One 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 data from MarketBeat, CareDx currently has an average rating of “Moderate Buy” and a consensus target price of $30.60.

CareDx Price Performance

NASDAQ:CDNA opened at $22.39 on Thursday. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -6.55 and a beta of 1.77. The business has a 50 day moving average of $29.04 and a 200 day moving average of $20.10. CareDx has a 1-year low of $4.80 and a 1-year high of $34.84.

CareDx (NASDAQ:CDNA) last released its earnings results on Wednesday, July 31st. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $92.27 million for the quarter, compared to analysts’ expectations of $67.20 million.

Insider Buying and Selling

In other CareDx news, insider Alexander L. Johnson sold 21,557 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 284,983 shares in the company, valued at $9,284,746.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Peter Maag sold 35,552 shares of CareDx stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the completion of the transaction, the director now directly owns 330,024 shares in the company, valued at approximately $10,903,992.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexander L. Johnson sold 21,557 shares of the company’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 value of $702,327.06. Following the completion of the sale, the insider now owns 284,983 shares in the company, valued at $9,284,746.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 91,340 shares of company stock valued at $3,025,415 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC boosted its stake in shares of CareDx by 1,085.4% in the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock worth $33,248,000 after buying an additional 1,960,308 shares during the last quarter. Bamco Inc. NY purchased a new position in CareDx in the first quarter worth about $13,025,000. Fred Alger Management LLC grew its stake 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 during the period. Allspring Global Investments Holdings LLC grew its stake in shares of CareDx by 868.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 204,987 shares of the company’s stock valued at $6,401,000 after purchasing an additional 183,823 shares during the period. Finally, Driehaus Capital Management LLC purchased a new stake in shares of CareDx during the 2nd quarter valued at about $2,852,000.

About CareDx

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.