CareDx (NASDAQ:CDNA) Shares Gap Up – Here’s Why

Shares of CareDx, Inc. (NASDAQ:CDNA) gapped up prior to trading on Wednesday . The stock had previously closed at $14.52, but opened at $15.75. CareDx shares last traded at $15.2350, with a volume of 689,546 shares traded.

Analysts Set New Price Targets

Several analysts have commented on CDNA shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of CareDx in a research report on Wednesday, October 8th. Wells Fargo & Company dropped their target price on shares of CareDx from $19.00 to $14.00 and set an “equal weight” rating for the company in a research report on Friday, August 8th. William Blair assumed coverage on shares of CareDx in a research report on Tuesday, August 26th. They issued a “market perform” rating for the company. Wall Street Zen lowered shares of CareDx from a “hold” rating to a “sell” rating in a research note on Tuesday, October 28th. Finally, Zacks Research cut shares of CareDx from a “hold” rating to a “strong sell” rating in a report on Monday, October 20th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.50.

CareDx Price Performance

The stock has a market cap of $827.95 million, a price-to-earnings ratio of 15.27 and a beta of 2.37. The business’s 50-day simple moving average is $14.39 and its two-hundred day simple moving average is $15.60.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.10). CareDx had a return on equity of 18.03% and a net margin of 17.97%.The business had revenue of $100.06 million for the quarter, compared to analyst estimates of $95.25 million. During the same quarter last year, the firm posted ($0.14) EPS. CareDx’s revenue for the quarter was up 20.7% on a year-over-year basis. CareDx has set its FY 2025 guidance at EPS. Equities research analysts forecast that CareDx, Inc. will post -0.9 earnings per share for the current year.

Institutional Investors Weigh In On CareDx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MCF Advisors LLC grew its holdings in shares of CareDx by 292.9% during the second quarter. MCF Advisors LLC now owns 1,336 shares of the company’s stock valued at $26,000 after buying an additional 996 shares during the last quarter. Allworth Financial LP bought a new position in shares of CareDx in the 2nd quarter worth $40,000. State of Alaska Department of Revenue purchased a new stake in shares of CareDx in the 3rd quarter valued at $43,000. PNC Financial Services Group Inc. increased its position in shares of CareDx by 20,200.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,466 shares of the company’s stock valued at $79,000 after acquiring an additional 4,444 shares during the period. Finally, Morse Asset Management Inc purchased a new position in shares of CareDx in the first quarter valued at about $103,000.

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.