CareDx (NASDAQ:CDNA) Stock Price Expected to Rise, BTIG Research Analyst Says

CareDx (NASDAQ:CDNA) had its price target raised by research analysts at BTIG Research from $28.00 to $45.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target would suggest a potential upside of 20.74% from the stock’s previous close.

Several other brokerages have also weighed in on CDNA. Weiss Ratings raised CareDx from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, June 26th. Craig Hallum reiterated a “hold” rating and issued a $35.00 price objective on shares of CareDx in a research note on Thursday. Finally, Wall Street Zen upgraded shares of CareDx from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $33.67.

CareDx Trading Up 25.3%

Shares of CareDx stock traded up $7.52 on Thursday, reaching $37.27. 2,261,933 shares of the company were exchanged, compared to its average volume of 767,883. The stock has a fifty day moving average price of $24.47 and a 200-day moving average price of $20.99. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -232.83 and a beta of 2.43. CareDx has a fifty-two week low of $10.96 and a fifty-two week high of $37.88.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.23. The firm 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 company’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 EPS. On average, equities analysts anticipate that CareDx will post 0.22 earnings per share for the current fiscal 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 that occurred on Monday, June 29th. The shares were sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the sale, the chief executive officer directly owned 661,959 shares in the company, valued at approximately $19,355,681.16. This trade represents a 5.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of the business’s 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 completion of the sale, the director directly owned 36,686 shares in the company, valued at $847,813.46. This represents a 24.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 78,936 shares of company stock worth $2,093,708. 2.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CareDx

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