BTIG Research Reiterates Buy Rating for CareDx (NASDAQ:CDNA)

CareDx (NASDAQ:CDNA)‘s stock had its “buy” rating restated by investment analysts at BTIG Research in a report issued on Friday,Benzinga reports. They currently have a $22.00 price target on the stock. BTIG Research’s price objective suggests a potential upside of 62.60% from the stock’s previous close.

Several other research analysts have also commented on CDNA. Wells Fargo & Company cut their price objective on CareDx from $19.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Friday, August 8th. William Blair began coverage on CareDx in a research report on Tuesday, August 26th. They issued a “market perform” rating on the stock. Craig Hallum cut their price objective on CareDx from $40.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, July 18th. Finally, Wall Street Zen lowered CareDx from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

CareDx Stock Performance

Shares of CareDx stock opened at $13.53 on Friday. CareDx has a twelve month low of $10.96 and a twelve month high of $32.97. The stock has a market capitalization of $720.20 million, a P/E ratio of 13.26 and a beta of 2.28. The business’s fifty day moving average price is $13.83 and its 200 day moving average price is $16.67.

CareDx (NASDAQ:CDNA) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.28). CareDx had a net margin of 17.97% and a return on equity of 18.03%. The company had revenue of $90.51 million during the quarter, compared to analysts’ expectations of $90.72 million. During the same period last year, the business earned $0.25 earnings per share. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that CareDx will post -0.9 EPS for the current year.

Insider Transactions at CareDx

In other news, Director Peter Maag sold 10,000 shares of CareDx stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $18.58, for a total transaction of $185,800.00. Following the sale, the director directly owned 308,846 shares of the company’s stock, valued at approximately $5,738,358.68. The trade was a 3.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hannah Valantine sold 10,570 shares of CareDx stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $19.16, for a total value of $202,521.20. Following the sale, the director directly owned 38,994 shares in the company, valued at approximately $747,125.04. The trade was a 21.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,570 shares of company stock worth $580,721. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its holdings in CareDx by 120.6% in the second quarter. Tower Research Capital LLC TRC now owns 7,608 shares of the company’s stock valued at $149,000 after buying an additional 4,160 shares during the last quarter. Man Group plc increased its holdings in CareDx by 22.7% in the second quarter. Man Group plc now owns 55,392 shares of the company’s stock valued at $1,082,000 after buying an additional 10,252 shares during the last quarter. Meridiem Capital Partners LP bought a new stake in CareDx in the second quarter valued at about $2,411,000. Lazard Asset Management LLC increased its holdings in CareDx by 642.8% in the second quarter. Lazard Asset Management LLC now owns 102,740 shares of the company’s stock valued at $2,006,000 after buying an additional 88,909 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in CareDx in the second quarter valued at about $821,000.

CareDx Company Profile

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.