CareDx (NASDAQ:CDNA) Shares Gap Down Following Analyst Downgrade

Shares of CareDx, Inc (NASDAQ:CDNA) gapped down before the market opened on Tuesday after BTIG Research lowered their price target on the stock from $40.00 to $35.00. The stock had previously closed at $22.93, but opened at $21.31. BTIG Research currently has a buy rating on the stock. CareDx shares last traded at $22.43, with a volume of 252,549 shares trading hands.

Other equities research analysts have also recently issued reports about the company. HC Wainwright restated a “neutral” rating on shares of CareDx in a research note on Tuesday, October 22nd. Wells Fargo & Company assumed coverage on shares of CareDx in a research report on Tuesday, August 27th. They set an “underweight” rating and a $28.00 price target for the company. StockNews.com upgraded CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. The Goldman Sachs Group boosted their target price on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Craig Hallum raised their price target on CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.60.

Insider Activity

In related news, Director Peter Maag sold 35,552 shares of the business’s stock in a transaction 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 $10,903,992.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Peter Maag sold 35,552 shares of the firm’s stock in a transaction 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 sale, the director now 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alexander L. Johnson sold 34,231 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the completion of the transaction, the insider now owns 284,983 shares of the company’s stock, valued at approximately $9,561,179.65. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,340 shares of company stock valued at $3,025,415 in the last ninety days. Insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNA. Caxton Associates LP grew its position in shares of CareDx by 97.2% in the first quarter. Caxton Associates LP now owns 96,308 shares of the company’s stock valued at $1,020,000 after purchasing an additional 47,469 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in CareDx by 87.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 228,198 shares of the company’s stock worth $2,417,000 after buying an additional 106,660 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of CareDx by 6.2% during the second quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after acquiring an additional 88,100 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of CareDx by 868.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 204,987 shares of the company’s stock valued at $6,401,000 after acquiring an additional 183,823 shares in the last quarter. Finally, Bamco Inc. NY acquired a new stake in shares of CareDx in the first quarter worth approximately $13,025,000.

CareDx Stock Up 1.4 %

The company has a 50-day moving average of $27.56 and a 200 day moving average of $20.97. The stock has a market capitalization of $1.22 billion, a PE ratio of -8.60 and a beta of 1.80.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.11. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The firm had revenue of $82.88 million for the quarter, compared to the consensus estimate of $80.04 million. During the same period last year, the firm posted ($0.43) earnings per share. The company’s revenue for the quarter was up 23.4% on a year-over-year basis. As a group, equities analysts predict that CareDx, Inc will post -0.83 EPS for the current fiscal year.

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.