BTIG Research Forecasts Strong Price Appreciation for CareDx (NASDAQ:CDNA) Stock

CareDx (NASDAQ:CDNA) had its price target increased by research analysts at BTIG Research from $45.00 to $60.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 28.51% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings upgraded CareDx from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Craig Hallum upgraded CareDx from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Monday, August 3rd. Wall Street Zen upgraded CareDx from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. William Blair upgraded shares of CareDx to a “hold” rating in a report on Thursday, July 16th. Finally, HC Wainwright reissued a “neutral” rating and set a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, CareDx currently has a consensus rating of “Hold” and an average price target of $47.75.

CareDx Trading Up 4.2%

Shares of NASDAQ:CDNA opened at $46.69 on Thursday. The company has a market cap of $2.42 billion, a price-to-earnings ratio of 22.56 and a beta of 2.39. The company has a 50-day moving average price of $31.01 and a 200-day moving average price of $23.52. CareDx has a 12 month low of $11.27 and a 12 month high of $49.76.

CareDx (NASDAQ:CDNA) last posted its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The company had revenue of $131.95 million for the quarter, compared to analysts’ expectations of $114.05 million. During the same period last year, the firm earned ($0.16) earnings per share. CareDx’s quarterly revenue was up 52.2% on a year-over-year basis. As a group, research analysts forecast that CareDx will post 0.47 EPS for the current fiscal year.

Insider Transactions at CareDx

In other news, CEO John Walter Hanna, Jr. sold 39,900 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $29.24, for a total value of $1,166,676.00. Following the completion of the transaction, the chief executive officer owned 661,959 shares of the company’s stock, valued at approximately $19,355,681.16. This represents a 5.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Cournoyer sold 16,000 shares of CareDx stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the sale, the director owned 42,943 shares in the company, valued at $2,015,744.42. This represents a 27.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 114,936 shares of company stock worth $3,770,348 over the last quarter. Insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

A number of hedge funds have recently modified their holdings of CDNA. BlackRock Inc. bought a new stake in CareDx during the second quarter worth about $137,219,000. State Street Corp increased its stake in shares of CareDx by 6.7% during the fourth quarter. State Street Corp now owns 2,737,752 shares of the company’s stock valued at $51,579,000 after purchasing an additional 171,303 shares in the last quarter. Bamco Inc. NY increased its stake in shares of CareDx by 11.2% during the second quarter. Bamco Inc. NY now owns 2,435,657 shares of the company’s stock valued at $47,593,000 after purchasing an additional 245,651 shares in the last quarter. Deerfield Management Company L.P. purchased a new position in shares of CareDx during the third quarter valued at approximately $31,857,000. Finally, Gagnon Securities LLC lifted its holdings in shares of CareDx by 2.6% during the fourth quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company’s stock valued at $33,439,000 after purchasing an additional 45,465 shares during the last quarter.

About CareDx

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.