CareDx (NASDAQ:CDNA) Shares Gap Down After Analyst Downgrade

CareDx, Inc (NASDAQ:CDNA)’s stock price gapped down before the market opened on Tuesday after BTIG Research lowered their price target on the stock from $40.00 to $35.00. The stock had previously closed at $22.93, but opened at $21.31. BTIG Research currently has a buy rating on the stock. CareDx shares last traded at $22.43, with a volume of 252,549 shares traded.

Other equities analysts have also recently issued research reports about the company. HC Wainwright restated a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. The Goldman Sachs Group lifted their target price on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Craig Hallum lifted their target price on CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company began coverage on CareDx in a report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 target price for the company. Finally, StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.60.

Insider Buying and Selling

In related news, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total transaction of $702,327.06. Following the transaction, the insider now directly owns 284,983 shares in the company, valued at $9,284,746.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other CareDx news, Director Peter Maag sold 35,552 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the sale, the director now owns 330,024 shares in the company, valued at approximately $10,903,992.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total value of $702,327.06. Following the completion of the transaction, the insider now directly owns 284,983 shares of the company’s stock, valued at approximately $9,284,746.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 91,340 shares of company stock worth $3,025,415 in the last ninety days. 4.90% of the stock is owned by insiders.

Hedge Funds Weigh In On CareDx

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of CareDx by 10,267.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock valued at $198,000 after acquiring an additional 18,481 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in CareDx by 87.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 228,198 shares of the company’s stock valued at $2,417,000 after buying an additional 106,660 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of CareDx during the first quarter worth about $238,000. Russell Investments Group Ltd. grew its holdings in shares of CareDx by 35.0% during the first quarter. Russell Investments Group Ltd. now owns 122,227 shares of the company’s stock worth $1,294,000 after purchasing an additional 31,667 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of CareDx by 4.4% during the first quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock worth $45,537,000 after purchasing an additional 180,334 shares during the last quarter.

CareDx Stock Down 0.1 %

The stock has a fifty day moving average of $27.70 and a 200-day moving average of $20.96. The stock has a market cap of $1.21 billion, a PE ratio of -8.48 and a beta of 1.80.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. CareDx had a negative return on equity of 53.65% and a negative net margin of 53.73%. The company had revenue of $82.88 million for the quarter, compared to analyst estimates of $80.04 million. During the same quarter in the previous year, the company earned ($0.43) EPS. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. Equities research analysts forecast that CareDx, Inc will post -0.83 earnings per share for the current fiscal year.

About CareDx

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.