CareDx (NASDAQ:CDNA) Sees Unusually-High Trading Volume – Should You Buy?

CareDx, Inc (NASDAQ:CDNA) shares saw strong trading volume on Monday . 456,999 shares changed hands during trading, a decline of 22% from the previous session’s volume of 582,317 shares.The stock last traded at $23.55 and had previously closed at $23.63.

Wall Street Analysts Forecast Growth

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

CareDx Trading Up 2.8 %

The company has a fifty day simple moving average of $22.96 and a 200-day simple moving average of $24.32. The company has a market capitalization of $1.30 billion, a PE ratio of -9.00 and a beta of 1.86.

CareDx (NASDAQ:CDNA) last issued its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.11. The company had revenue of $82.88 million during the quarter, compared to analysts’ expectations of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.43) EPS. On average, equities analysts predict that CareDx, Inc will post -0.7 EPS for the current fiscal year.

Insider Transactions at CareDx

In other news, Director Peter Maag sold 5,000 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the transaction, the director now directly owns 330,024 shares in the company, valued at approximately $8,250,600. This represents a 1.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On CareDx

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC grew its holdings in shares of 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 purchasing an additional 88,100 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in CareDx by 868.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 204,987 shares of the company’s stock worth $6,401,000 after acquiring an additional 183,823 shares in the last quarter. Virtue Capital Management LLC acquired a new position in CareDx during the 3rd quarter worth about $755,000. Driehaus Capital Management LLC acquired a new position in CareDx during the 2nd quarter worth about $2,852,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in CareDx during the 3rd quarter worth about $1,671,000.

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.