CareDx, Inc (NASDAQ:CDNA) Sees Significant Drop in Short Interest

CareDx, Inc (NASDAQ:CDNA) was the target of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 3,120,000 shares, a decline of 6.6% from the November 30th total of 3,340,000 shares. Based on an average trading volume of 842,500 shares, the days-to-cover ratio is presently 3.7 days. Currently, 6.2% of the shares of the stock are short sold.

Insiders Place Their Bets

In other CareDx news, Director Peter Maag sold 5,000 shares of CareDx stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the director now directly owns 330,024 shares of the company’s stock, valued at $8,250,600. This trade represents a 1.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On CareDx

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in shares of CareDx by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 193,994 shares of the company’s stock worth $3,013,000 after acquiring an additional 12,404 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in CareDx by 13.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 21,164 shares of the company’s stock worth $329,000 after purchasing an additional 2,503 shares during the period. ClariVest Asset Management LLC raised its position in CareDx by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 64,027 shares of the company’s stock valued at $994,000 after purchasing an additional 1,810 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of CareDx by 11.5% in the 2nd quarter. American Century Companies Inc. now owns 108,366 shares of the company’s stock worth $1,683,000 after buying an additional 11,168 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of CareDx during the 2nd quarter worth $142,000.

CareDx Stock Performance

Shares of NASDAQ CDNA opened at $21.18 on Tuesday. CareDx has a fifty-two week low of $7.42 and a fifty-two week high of $34.84. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -7.84 and a beta of 1.84. The business’s 50 day moving average price is $22.97 and its 200-day moving average price is $23.78.

CareDx (NASDAQ:CDNA) last released its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.11. The business had revenue of $82.88 million for the quarter, compared to analyst estimates of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The business’s revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.43) earnings per share. Sell-side analysts predict that CareDx will post -0.7 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on CDNA. HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. The Goldman Sachs Group raised their price target on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, BTIG Research dropped their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.60.

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.