CareDx (NASDAQ:CDNA) Stock Price Down 7.9% After Analyst Downgrade

CareDx, Inc (NASDAQ:CDNA) fell 7.9% on Tuesday after HC Wainwright lowered their price target on the stock from $26.00 to $25.00. HC Wainwright currently has a neutral rating on the stock. CareDx traded as low as $19.33 and last traded at $19.47. 424,308 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 841,406 shares. The stock had previously closed at $21.13.

CDNA has been the subject of several other reports. BTIG Research cut their price target on CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Stephens restated an “overweight” rating and issued a $40.00 price target on shares of CareDx in a report on Thursday, February 27th. Wells Fargo & Company raised CareDx from an “underweight” rating to an “equal weight” rating and cut their target price for the stock from $28.00 to $24.00 in a research report on Wednesday, January 15th. Finally, StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.83.

Institutional Investors Weigh In On CareDx

Large investors have recently modified their holdings of the stock. Creative Planning acquired a new position in shares of CareDx in the third quarter worth about $204,000. Hanseatic Management Services Inc. bought a new stake in shares of CareDx in the 3rd quarter worth about $781,000. Principal Financial Group Inc. acquired a new stake in shares of CareDx in the 3rd quarter valued at about $557,000. KBC Group NV bought a new position in shares of CareDx during the third quarter worth about $99,000. Finally, Royce & Associates LP boosted its position in CareDx by 0.3% during the 3rd quarter. Royce & Associates LP now owns 393,286 shares of the company’s stock valued at $12,280,000 after purchasing an additional 1,000 shares during the period.

CareDx Price Performance

The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -7.21 and a beta of 1.87. The company has a 50-day simple moving average of $22.70 and a two-hundred day simple moving average of $25.14.

CareDx (NASDAQ:CDNA) last posted its earnings results on Wednesday, February 26th. The company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $1.46. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The firm had revenue of $86.58 million during the quarter, compared to analyst estimates of $84.56 million. Research analysts anticipate that CareDx, Inc will post -0.9 EPS for the current 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.