Wall Street Zen Upgrades CareDx (NASDAQ:CDNA) to Buy

CareDx (NASDAQ:CDNA) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

Several other brokerages have also recently issued reports on CDNA. Wells Fargo & Company lifted their target price on CareDx from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, December 15th. William Blair initiated coverage on shares of CareDx in a report on Tuesday, August 26th. They set a “market perform” rating on the stock. Zacks Research upgraded shares of CareDx from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of CareDx in a report on Monday, December 15th. Finally, BTIG Research boosted their price target on shares of CareDx from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, CareDx presently has an average rating of “Hold” and an average price target of $26.67.

CareDx Price Performance

Shares of NASDAQ CDNA opened at $20.02 on Friday. The company has a 50-day moving average price of $16.80 and a 200-day moving average price of $15.81. The stock has a market capitalization of $1.03 billion, a P/E ratio of 16.82 and a beta of 2.54. CareDx has a 1 year low of $10.96 and a 1 year high of $25.95.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.15. The business had revenue of $100.06 million for the quarter, compared to analysts’ expectations of $95.25 million. CareDx had a net margin of 19.65% and a return on equity of 20.15%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.14) EPS. As a group, equities research analysts anticipate that CareDx will post -0.9 earnings per share for the current fiscal year.

Institutional Trading of CareDx

Several hedge funds have recently added to or reduced their stakes in CDNA. Deerfield Management Company L.P. bought a new position in shares of CareDx during the 3rd quarter valued at approximately $31,857,000. Braidwell LP purchased a new position in CareDx in the third quarter valued at approximately $31,738,000. Next Century Growth Investors LLC increased its position in CareDx by 309.4% in the second quarter. Next Century Growth Investors LLC now owns 1,125,454 shares of the company’s stock worth $21,991,000 after buying an additional 850,580 shares during the last quarter. Bamco Inc. NY increased its position in CareDx by 29.5% in the third quarter. Bamco Inc. NY now owns 3,155,180 shares of the company’s stock worth $45,876,000 after buying an additional 719,523 shares during the last quarter. Finally, Amova Asset Management Americas Inc. raised its stake in CareDx by 40.8% in the 3rd quarter. Amova Asset Management Americas Inc. now owns 1,740,064 shares of the company’s stock valued at $25,283,000 after acquiring an additional 504,473 shares during the period.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.