CareDx, Inc (NASDAQ:CDNA) Short Interest Update

CareDx, Inc (NASDAQ:CDNA) saw a significant decline in short interest during the month of August. As of August 15th, there was short interest totalling 3,210,000 shares, a decline of 7.8% from the July 31st total of 3,480,000 shares. Based on an average daily trading volume, of 913,600 shares, the days-to-cover ratio is currently 3.5 days. Currently, 6.5% of the shares of the company are short sold.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group raised their target price on shares of CareDx from $16.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Raymond James lowered CareDx from an “outperform” rating to a “market perform” rating in a report on Monday, May 13th. HC Wainwright reissued a “neutral” rating on shares of CareDx in a report on Thursday, August 1st. Wells Fargo & Company started coverage on shares of CareDx in a research note on Tuesday, August 27th. They set an “underweight” rating and a $28.00 price target on the stock. Finally, BTIG Research upgraded shares of CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday, August 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $28.80.

Insider Buying and Selling at CareDx

In other news, insider Alexander L. Johnson sold 21,557 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other CareDx news, insider Alexander L. Johnson sold 34,231 shares of CareDx stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $33.55, for a total value of $1,148,450.05. Following the transaction, the insider now directly owns 284,983 shares in the company, valued at approximately $9,561,179.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alexander L. Johnson sold 21,557 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total value of $702,327.06. Following the sale, the insider now owns 284,983 shares of the company’s stock, valued at approximately $9,284,746.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 91,340 shares of company stock worth $3,025,415. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On CareDx

A number of institutional investors have recently made changes to their positions in CDNA. Millennium Management LLC increased its position in CareDx by 1,085.4% during the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock worth $33,248,000 after purchasing an additional 1,960,308 shares in the last quarter. Bamco Inc. NY purchased a new stake in shares of CareDx during the first quarter worth about $13,025,000. Fred Alger Management LLC raised its position in shares of CareDx by 517.9% in the second quarter. Fred Alger Management LLC now owns 1,149,602 shares of the company’s stock valued at $17,853,000 after buying an additional 963,554 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of CareDx during the second quarter valued at approximately $2,852,000. Finally, Vanguard Group Inc. lifted its stake 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 valued at $45,537,000 after buying an additional 180,334 shares during the period.

CareDx Stock Performance

NASDAQ CDNA traded down $1.32 during trading hours on Tuesday, reaching $29.41. The company’s stock had a trading volume of 690,670 shares, compared to its average volume of 914,764. The stock has a market cap of $1.53 billion, a PE ratio of -8.76 and a beta of 1.78. The company’s 50-day moving average is $22.35 and its two-hundred day moving average is $15.23. CareDx has a fifty-two week low of $4.80 and a fifty-two week high of $34.84.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.37. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The business had revenue of $92.27 million during the quarter, compared to analysts’ expectations of $67.20 million. Equities analysts expect that CareDx will post -0.84 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.