CareDx, Inc (NASDAQ:CDNA) Sees Significant Growth in Short Interest

CareDx, Inc (NASDAQ:CDNA) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 3,970,000 shares, a growth of 27.2% from the December 15th total of 3,120,000 shares. Based on an average daily trading volume, of 811,600 shares, the days-to-cover ratio is currently 4.9 days. Approximately 7.9% of the company’s stock are short sold.

CareDx Stock Down 2.8 %

Shares of NASDAQ CDNA traded down $0.62 on Friday, reaching $21.44. 872,198 shares of the company’s stock traded hands, compared to its average volume of 594,464. The business’s 50 day simple moving average is $22.90 and its two-hundred day simple moving average is $24.46. CareDx has a 12 month low of $7.42 and a 12 month high of $34.84. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -7.94 and a beta of 1.86.

CareDx (NASDAQ:CDNA) last released its earnings results on Monday, November 4th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.11. The business had revenue of $82.88 million for the quarter, compared to the consensus estimate of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.43) earnings per share. Analysts forecast that CareDx will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In other CareDx news, Director Peter Maag sold 5,000 shares of CareDx stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the sale, the director now owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. The trade was a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC boosted its holdings in CareDx by 31.0% in the fourth quarter. SG Americas Securities LLC now owns 24,087 shares of the company’s stock worth $516,000 after purchasing an additional 5,706 shares during the last quarter. ARS Investment Partners LLC grew its holdings in shares of CareDx by 6.3% in the fourth quarter. ARS Investment Partners LLC now owns 101,968 shares of the company’s stock worth $2,183,000 after acquiring an additional 6,083 shares during the period. Principal Financial Group Inc. bought a new position in CareDx in the third quarter valued at about $557,000. Lord Abbett & CO. LLC bought a new stake in shares of CareDx during the 3rd quarter valued at about $10,873,000. Finally, Franklin Resources Inc. increased its position in shares of CareDx by 34.4% during the 3rd quarter. Franklin Resources Inc. now owns 59,474 shares of the company’s stock valued at $1,862,000 after purchasing an additional 15,238 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $28.00 to $24.00 in a report on Wednesday. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. BTIG Research lowered their price objective on CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. HC Wainwright restated a “neutral” rating and issued a $26.00 price objective on shares of CareDx in a research report on Tuesday. Finally, The Goldman Sachs Group raised their target price on shares of CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, CareDx has an average rating of “Moderate Buy” and an average price target of $28.33.

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.