CareDx (NASDAQ:CDNA) Reaches New 12-Month High – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $24.85 and last traded at $23.25, with a volume of 938029 shares. The stock had previously closed at $24.08.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CDNA. Weiss Ratings restated a “sell (d)” rating on shares of CareDx in a research report on Wednesday, May 27th. Wells Fargo & Company increased their price target on shares of CareDx from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 25th. Wall Street Zen upgraded shares of CareDx from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Finally, BTIG Research boosted their price objective on shares of CareDx from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, CareDx presently has a consensus rating of “Hold” and an average target price of $25.00.

CareDx Trading Up 11.5%

The stock has a 50 day moving average of $21.31 and a 200-day moving average of $19.80. The company has a market capitalization of $1.35 billion, a P/E ratio of -163.62 and a beta of 2.49.

CareDx (NASDAQ:CDNA) last released its earnings results on Tuesday, April 28th. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.23. The company had revenue of $117.70 million for the quarter, compared to analysts’ expectations of $102.03 million. CareDx had a negative net margin of 2.01% and a negative return on equity of 2.65%. The firm’s revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 EPS. As a group, sell-side analysts expect that CareDx, Inc. will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at CareDx

In related news, Director Hannah Valantine sold 12,103 shares of CareDx stock in a transaction on Monday, June 15th. The shares were sold at an average price of $23.11, for a total transaction of $279,700.33. Following the transaction, the director owned 36,686 shares in the company, valued at approximately $847,813.46. The trade was a 24.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 21,998 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $24.02, for a total value of $528,391.96. Following the completion of the sale, the chief executive officer owned 649,642 shares of the company’s stock, valued at $15,604,400.84. The trade was a 3.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,218 shares of company stock worth $1,141,288 over the last 90 days. Insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

Several institutional investors have recently made changes to their positions in CDNA. Price T Rowe Associates Inc. MD lifted its holdings in CareDx by 1.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 39,218 shares of the company’s stock worth $739,000 after purchasing an additional 711 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in CareDx by 4.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,742 shares of the company’s stock valued at $542,000 after buying an additional 1,280 shares in the last quarter. Quarry LP purchased a new stake in CareDx during the 4th quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC raised its position in shares of CareDx by 9.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 19,091 shares of the company’s stock valued at $365,000 after buying an additional 1,675 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of CareDx in the third quarter worth $31,000.

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.