CareDx, Inc (NASDAQ:CDNA) Short Interest Update

CareDx, Inc (NASDAQ:CDNA) was the recipient of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 3,340,000 shares, an increase of 8.8% from the November 15th total of 3,070,000 shares. Based on an average daily volume of 824,400 shares, the short-interest ratio is presently 4.1 days. Currently, 6.7% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CDNA shares. Wells Fargo & Company started coverage on shares of CareDx in a research report on Tuesday, August 27th. They set an “underweight” rating and a $28.00 price target for the company. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. BTIG Research dropped their price target on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, The Goldman Sachs Group raised their target price on shares of CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.60.

Insider Activity

In related news, Director Peter Maag sold 5,000 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the director now owns 330,024 shares in the company, valued at $8,250,600. This trade represents a 1.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On CareDx

A number of institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC increased its stake in CareDx by 1,085.4% in the second quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock valued at $33,248,000 after purchasing an additional 1,960,308 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of CareDx by 6.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after acquiring an additional 88,100 shares during the last quarter. Fred Alger Management LLC boosted its position in shares of CareDx by 30.8% in the third quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company’s stock worth $46,947,000 after acquiring an additional 353,919 shares during the last quarter. Geode Capital Management LLC increased its position in CareDx by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company’s stock worth $38,343,000 after purchasing an additional 32,141 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of CareDx by 78.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company’s stock valued at $21,760,000 after purchasing an additional 306,222 shares during the last quarter.

CareDx Stock Down 1.3 %

NASDAQ:CDNA traded down $0.29 during trading hours on Tuesday, reaching $22.58. 50,668 shares of the company’s stock were exchanged, compared to its average volume of 880,876. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -8.47 and a beta of 1.84. CareDx has a 1-year low of $7.42 and a 1-year high of $34.84. The company has a 50-day moving average of $24.48 and a 200 day moving average of $23.24.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.11. The company had revenue of $82.88 million during the quarter, compared to analysts’ expectations of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The firm’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the firm earned ($0.43) EPS. Research analysts forecast that CareDx will post -0.7 EPS 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.