CareDx (NASDAQ:CDNA) Cut to “Hold” at Wall Street Zen

CareDx (NASDAQ:CDNA) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

A number of other equities research analysts also recently weighed in on CDNA. BTIG Research lifted their price target on shares of CareDx from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of CareDx in a research note on Monday, December 29th. Craig Hallum cut CareDx from a “buy” rating to a “hold” rating and set a $26.00 price target for the company. in a research note on Tuesday, January 6th. Zacks Research raised shares of CareDx from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, Wells Fargo & Company increased their target price on shares of CareDx from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $26.67.

CareDx Stock Up 6.1%

NASDAQ:CDNA opened at $19.47 on Friday. The firm has a market capitalization of $1.00 billion, a P/E ratio of 16.36 and a beta of 2.51. CareDx has a 12-month low of $10.96 and a 12-month high of $25.55. The stock’s fifty day simple moving average is $19.56 and its 200-day simple moving average is $16.11.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.15. CareDx had a net margin of 19.65% and a return on equity of 20.15%. The business had revenue of $100.06 million for the quarter, compared to the consensus estimate of $95.25 million. During the same period last year, the company posted ($0.14) EPS. CareDx’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities research analysts expect that CareDx will post -0.9 earnings per share for the current year.

Insider Buying and Selling at CareDx

In related news, CEO John Walter Hanna, Jr. sold 19,280 shares of CareDx stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $21.16, for a total value of $407,964.80. Following the completion of the sale, the chief executive officer owned 597,405 shares of the company’s stock, valued at approximately $12,641,089.80. This trade represents a 3.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 29,636 shares of company stock worth $625,949. 4.40% of the stock is currently owned by corporate insiders.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of CareDx in the second quarter worth $352,000. Hood River Capital Management LLC increased its stake in CareDx by 11.5% in the 2nd quarter. Hood River Capital Management LLC now owns 1,765,981 shares of the company’s stock worth $34,507,000 after purchasing an additional 182,025 shares during the period. Envestnet Asset Management Inc. increased its position in shares of CareDx by 17.7% in the second quarter. Envestnet Asset Management Inc. now owns 22,489 shares of the company’s stock valued at $439,000 after acquiring an additional 3,389 shares during the period. Geode Capital Management LLC grew its position in shares of CareDx by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,323,497 shares of the company’s stock worth $25,864,000 after buying an additional 43,074 shares during the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new stake in shares of CareDx in the 2nd quarter worth about $4,428,000.

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.