CareDx (NASDAQ:CDNA) Trading Down 5.8% – What’s Next?

Shares of CareDx, Inc (NASDAQ:CDNA) fell 5.8% during mid-day trading on Thursday . The stock traded as low as $21.31 and last traded at $21.46. 67,620 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 898,420 shares. The stock had previously closed at $22.78.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com upgraded CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. BTIG Research cut their price target on CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a research note on Tuesday, October 22nd. Craig Hallum boosted their target price on shares of CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group upped 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 equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CareDx presently has a consensus rating of “Moderate Buy” and an average target price of $29.60.

CareDx Price Performance

The firm’s 50-day moving average price is $26.68 and its 200-day moving average price is $21.61. The stock has a market cap of $1.14 billion, a P/E ratio of -7.84 and a beta of 1.80.

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

Insiders Place Their Bets

In other news, Director Peter Maag sold 35,552 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the sale, the director now directly owns 330,024 shares in the company, valued at approximately $10,903,992.96. This represents a 9.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 shares were 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 in the company, valued at approximately $9,284,746.14. This trade represents a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 91,340 shares of company stock valued at $3,025,415 in the last quarter. 4.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CareDx

Hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of CareDx by 10,267.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock valued at $198,000 after buying an additional 18,481 shares during the period. Janney Montgomery Scott LLC purchased a new stake in CareDx in the first quarter worth $238,000. Russell Investments Group Ltd. lifted its position in shares of CareDx by 35.0% during the first quarter. Russell Investments Group Ltd. now owns 122,227 shares of the company’s stock worth $1,294,000 after purchasing an additional 31,667 shares during the last quarter. Vanguard Group Inc. boosted 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 purchasing an additional 180,334 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in CareDx by 4.7% during the 1st quarter. Acadian Asset Management LLC now owns 869,518 shares of the company’s stock worth $9,206,000 after purchasing an additional 38,888 shares during the period.

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.