CareDx (NASDAQ:CDNA) Stock Price Up 4% – Here’s Why

CareDx, Inc (NASDAQ:CDNA) shares rose 4% on Wednesday . The company traded as high as $23.65 and last traded at $23.62. Approximately 341,620 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 425,421 shares. The stock had previously closed at $22.72.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CDNA. BTIG Research decreased their target price 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. HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a research report on Tuesday, October 22nd. StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Finally, The Goldman Sachs Group raised their price target on CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. 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 company’s stock. Based on data from MarketBeat.com, CareDx has an average rating of “Moderate Buy” and an average target price of $29.60.

CareDx Stock Performance

The stock has a fifty day simple moving average of $22.94 and a 200 day simple moving average of $24.12. The firm has a market cap of $1.27 billion, a P/E ratio of -8.75 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 for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.11. The business had revenue of $82.88 million during 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%. CareDx’s revenue was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.43) EPS. Research analysts predict that CareDx, Inc will post -0.7 earnings per share for the current year.

Insider Buying and Selling

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 transaction, the director now directly owns 330,024 shares of the company’s stock, valued at $8,250,600. This represents a 1.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.90% of the stock is currently owned by corporate insiders.

Institutional Trading of CareDx

A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new stake in CareDx during the third quarter valued at approximately $557,000. Lord Abbett & CO. LLC purchased a new position in shares of CareDx during the 3rd quarter worth $10,873,000. Franklin Resources Inc. grew its position in shares of CareDx by 34.4% during the 3rd quarter. Franklin Resources Inc. now owns 59,474 shares of the company’s stock valued at $1,862,000 after acquiring an additional 15,238 shares during the period. Virtue Capital Management LLC purchased a new stake in shares of CareDx in the 3rd quarter worth $755,000. Finally, Geode Capital Management LLC raised its holdings in CareDx by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company’s stock worth $38,343,000 after purchasing an additional 32,141 shares during the period.

CareDx Company Profile

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.