CareDx, Inc (NASDAQ:CDNA) Short Interest Up 10.6% in September

CareDx, Inc (NASDAQ:CDNA) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 3,660,000 shares, a growth of 10.6% from the August 31st total of 3,310,000 shares. Approximately 7.4% of the company’s stock are short sold. Based on an average daily trading volume, of 876,300 shares, the short-interest ratio is presently 4.2 days.

Insiders Place Their Bets

In other CareDx news, insider Alexander L. Johnson sold 21,557 shares of the firm’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 $9,284,746.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other CareDx news, insider Alexander L. Johnson sold 21,557 shares of CareDx 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 in the company, valued at $9,284,746.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Maag sold 35,552 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was 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 owns 330,024 shares in the company, valued at approximately $10,903,992.96. The disclosure for this sale can be found here. Insiders sold 91,340 shares of company stock worth $3,025,415 over the last three months. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On CareDx

A number of institutional investors have recently bought and sold shares of CDNA. GAMMA Investing LLC lifted its position in shares of CareDx by 1,021.8% in the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after acquiring an additional 2,013 shares in the last quarter. Plato Investment Management Ltd bought a new stake in CareDx during the 2nd quarter valued at approximately $62,000. Meeder Asset Management Inc. purchased a new position in CareDx in the 2nd quarter worth approximately $142,000. Allspring Global Investments Holdings LLC boosted its stake in CareDx by 10,267.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock worth $198,000 after purchasing an additional 18,481 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in CareDx during the 1st quarter valued at approximately $238,000.

CareDx Stock Performance

Shares of NASDAQ CDNA traded down $0.81 during trading on Tuesday, hitting $30.42. The company had a trading volume of 429,910 shares, compared to its average volume of 893,871. CareDx has a 12 month low of $4.80 and a 12 month high of $34.84. The firm has a market capitalization of $1.58 billion, a P/E ratio of -8.76 and a beta of 1.77. The stock has a 50 day simple moving average of $27.56 and a 200 day simple moving average of $17.89.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of CareDx from $16.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a report on Tuesday, September 24th. Craig Hallum boosted their price target on CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. BTIG Research raised shares of CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Monday, August 19th. Finally, HC Wainwright reissued 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 assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.80.

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.