CareDx (NASDAQ:CDNA) Upgraded to “Strong-Buy” at Zacks Research

CareDx (NASDAQ:CDNA) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other research firms have also commented on CDNA. William Blair upgraded CareDx to a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings upgraded shares of CareDx from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. BTIG Research increased their price target on shares of CareDx from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday. Wall Street Zen upgraded shares of CareDx from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $47.75.

CareDx Price Performance

Shares of CareDx stock opened at $46.69 on Thursday. The firm has a fifty day moving average price of $31.01 and a 200 day moving average price of $23.52. CareDx has a 1 year low of $11.27 and a 1 year high of $49.76. The stock has a market cap of $2.42 billion, a PE ratio of 22.56 and a beta of 2.39.

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

Insiders Place Their Bets

In other CareDx news, CEO John Walter Hanna, Jr. sold 39,900 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the completion of the sale, the chief executive officer owned 661,959 shares of the company’s stock, valued at $19,355,681.16. This trade represents a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 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 completion of 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 position. 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 sold 114,936 shares of company stock worth $3,770,348 in the last three months. 2.40% of the stock is owned by insiders.

Institutional Trading of CareDx

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fidelis Capital Partners LLC acquired a new position in shares of CareDx in the 4th quarter worth approximately $420,000. Renaissance Technologies LLC boosted its position in shares of CareDx by 7.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,184,398 shares of the company’s stock worth $20,561,000 after purchasing an additional 79,200 shares during the period. Amova Asset Management Americas Inc. boosted its position in shares of CareDx by 2.0% during the 1st quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company’s stock worth $25,608,000 after purchasing an additional 28,510 shares during the period. Globeflex Capital L P increased its holdings in CareDx by 49.4% in the 1st quarter. Globeflex Capital L P now owns 119,252 shares of the company’s stock valued at $2,070,000 after purchasing an additional 39,457 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its holdings in CareDx by 15.1% in the 4th quarter. First Eagle Investment Management LLC now owns 546,722 shares of the company’s stock valued at $10,300,000 after purchasing an additional 71,576 shares during the last quarter.

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.