Shares of CareDx, Inc. (NASDAQ:CDNA – Get Free Report) traded down 6.2% on Tuesday. The company traded as low as $64.73 and last traded at $65.5290. 899,250 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 921,099 shares. The stock had previously closed at $69.85.
Analyst Ratings Changes
Several research firms recently commented on CDNA. Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Monday, August 3rd. Canaccord Genuity Group initiated coverage on shares of CareDx in a research report on Wednesday, September 2nd. They set a “buy” rating and a $65.00 target price on the stock. Weiss Ratings raised shares of CareDx from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. HC Wainwright reissued a “neutral” rating and issued a $46.00 price objective on shares of CareDx in a research note on Friday, July 31st. Finally, Zacks Research lowered CareDx from a “strong-buy” rating to a “hold” rating in a research report on Friday. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $54.00.
Check Out Our Latest Report on CareDx
CareDx Price Performance
CareDx (NASDAQ:CDNA – Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.37 EPS for the quarter, topping 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 analysts’ expectations of $114.05 million. During the same period last year, the business earned ($0.16) EPS. CareDx’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, equities research analysts anticipate that CareDx, Inc. will post 0.47 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Christine Cournoyer sold 16,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the transaction, the director owned 42,943 shares of the company’s stock, valued at $2,015,744.42. The trade was a 27.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of CareDx stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the transaction, the director owned 134,061 shares of the company’s stock, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.40% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On CareDx
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in CareDx during the second quarter worth about $137,219,000. Bamco Inc. NY purchased a new position in shares of CareDx during the 2nd quarter worth approximately $55,214,000. Bank of America Corp DE purchased a new position in shares of CareDx during the 2nd quarter worth approximately $16,297,000. Palo Alto Investors LP acquired a new stake in CareDx in the 2nd quarter valued at approximately $15,158,295. Finally, Jupiter Topco LLC purchased a new stake in CareDx in the second quarter valued at approximately $9,673,000.
About CareDx
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.
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