CareDx (NASDAQ:CDNA) Shares Climb 6% – What’s Next?

CareDx, Inc. (NASDAQ:CDNA)’s share price traded up 6% during trading on Tuesday. The stock traded as high as $66.60 and last traded at $66.9260. Approximately 596,875 shares were traded during mid-day trading, a decline of 36% from the average session volume of 935,254 shares. The stock had previously closed at $63.12.

Wall Street Analyst Weigh In

CDNA has been the subject of several research reports. Zacks Research lowered shares of CareDx from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Weiss Ratings raised shares of CareDx from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Canaccord Genuity Group initiated coverage on shares of CareDx in a report on Wednesday, September 2nd. They issued a “buy” rating and a $65.00 target price on the stock. Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Monday, August 3rd. Finally, HC Wainwright reissued a “neutral” rating and set a $46.00 target price on shares of CareDx in a research note on Friday, July 31st. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.00.

CareDx Stock Performance

The stock has a 50 day moving average of $54.25 and a two-hundred day moving average of $35.59. The stock has a market cap of $3.35 billion, a PE ratio of 31.25 and a beta of 2.38.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data 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 firm had revenue of $131.95 million for the quarter, compared to the consensus estimate of $114.05 million. During the same quarter in the previous year, the company earned ($0.16) EPS. The business’s revenue for the quarter was up 52.2% compared to the same quarter last year. Analysts expect that CareDx, Inc. will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director George Bickerstaff, III sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total transaction of $925,600.00. Following the sale, the director owned 134,061 shares in the company, valued at $6,204,343.08. The trade was a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christine Cournoyer sold 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total transaction of $751,040.00. Following the completion of the transaction, the director directly owned 42,943 shares of the company’s stock, 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. 2.40% of the stock is owned by insiders.

Institutional Trading of CareDx

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in CareDx by 10.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,660 shares of the company’s stock valued at $173,000 after buying an additional 259 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of CareDx during the 2nd quarter valued at $29,000. Squarepoint Ops LLC grew its holdings in shares of CareDx by 759.5% during the 2nd quarter. Squarepoint Ops LLC now owns 141,623 shares of the company’s stock valued at $4,036,000 after acquiring an additional 125,146 shares in the last quarter. Nykredit A S acquired a new position in shares of CareDx in the second quarter worth $25,000. Finally, Corient Private Wealth LP purchased a new stake in shares of CareDx during the second quarter worth $697,000.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision-medicine company focused on improving the care of organ-transplant patients. The company develops diagnostic tests, digital tools and services designed to help clinicians monitor transplant recipients, assess the risk of rejection and support long-term graft management.

CareDx’s product portfolio includes AlloMap, a gene-expression blood test used in heart-transplant surveillance, and AlloSure, a donor-derived cell-free DNA test designed to help detect potential organ injury or rejection.