CareDx (NASDAQ:CDNA) Stock Price Down 3.5%

CareDx, Inc (NASDAQ:CDNA) shares dropped 3.5% during mid-day trading on Wednesday . The stock traded as low as $28.88 and last traded at $29.07. Approximately 90,880 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 898,635 shares. The stock had previously closed at $30.12.

Analysts Set New Price Targets

CDNA has been the topic of several recent analyst reports. Wells Fargo & Company began coverage on CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price target on the stock. Craig Hallum boosted 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. StockNews.com lowered CareDx from a “buy” rating to a “hold” rating in a research report on Saturday. BTIG Research upgraded CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Monday, August 19th. Finally, The Goldman Sachs Group boosted their price objective on CareDx from $16.00 to $26.00 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, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.80.

CareDx Stock Performance

The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of -8.81 and a beta of 1.77. The company has a fifty day simple moving average of $25.35 and a 200 day simple moving average of $16.74.

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

Insiders Place Their Bets

In other CareDx news, insider Alexander L. Johnson sold 21,557 shares of CareDx stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $1,174,638.08. Following the transaction, the director now directly owns 330,024 shares of the company’s stock, valued at approximately $10,903,992.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander L. Johnson sold 21,557 shares of the business’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 transaction, the insider now directly owns 284,983 shares in the company, valued at $9,284,746.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,340 shares of company stock valued at $3,025,415. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake 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 buying an additional 180,334 shares during the period. Bellevue Group AG raised its stake in CareDx by 0.4% during the 4th quarter. Bellevue Group AG now owns 3,954,792 shares of the company’s stock worth $47,458,000 after buying an additional 13,994 shares during the period. Gagnon Securities LLC raised its stake in CareDx by 7.1% during the 1st quarter. Gagnon Securities LLC now owns 2,245,529 shares of the company’s stock worth $23,780,000 after buying an additional 149,485 shares during the period. Millennium Management LLC raised its stake in CareDx by 1,085.4% during 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 period. Finally, Renaissance Technologies LLC raised its stake in CareDx by 6.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock worth $23,492,000 after buying an additional 88,100 shares during the period.

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.