CareDx (NASDAQ:CDNA) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of CareDx (NASDAQ:CDNA) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

A number of other analysts have also issued reports on the company. BTIG Research raised CareDx from a neutral rating to a buy rating and set a $40.00 price target on the stock in a research note on Monday, August 19th. Wells Fargo & Company initiated coverage on shares of CareDx in a report on Tuesday, August 27th. They issued an underweight rating and a $28.00 price objective for the company. Raymond James lowered CareDx from an outperform rating to a market perform rating in a research report on Monday, May 13th. 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 note on Thursday, August 1st. Finally, HC Wainwright restated a neutral rating on shares of CareDx in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $28.80.

CareDx Stock Performance

NASDAQ:CDNA opened at $27.10 on Friday. The stock has a market capitalization of $1.41 billion, a PE ratio of -7.92 and a beta of 1.78. CareDx has a fifty-two week low of $4.80 and a fifty-two week high of $34.84. The company has a fifty day moving average of $23.18 and a two-hundred day moving average of $15.55.

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

Insiders Place Their Bets

In related news, insider Alexander L. Johnson sold 21,557 shares of the 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 owns 284,983 shares of the company’s stock, valued at approximately $9,284,746.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other CareDx news, insider Alexander L. Johnson sold 34,231 shares of the firm’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 value 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 284,983 shares of the company’s stock, valued at approximately $9,284,746.14. The disclosure for this sale can be found here. Insiders have sold 91,340 shares of company stock worth $3,025,415 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On CareDx

Several hedge funds and other institutional investors have recently made changes to their positions in CDNA. Vanguard Group Inc. raised its holdings in shares of CareDx by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock valued at $45,537,000 after purchasing an additional 180,334 shares in the last quarter. Bellevue Group AG boosted its position in shares of 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 acquiring an additional 13,994 shares in the last quarter. Gagnon Securities LLC increased its holdings in shares of CareDx by 7.1% in the 1st quarter. Gagnon Securities LLC now owns 2,245,529 shares of the company’s stock valued at $23,780,000 after acquiring an additional 149,485 shares during the last quarter. Millennium Management LLC increased its stake 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 purchasing an additional 1,960,308 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in CareDx by 6.2% during the second quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock worth $23,492,000 after purchasing an additional 88,100 shares in the last quarter.

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.