Zacks Investment Research downgraded shares of CareDx (NASDAQ:CDNA) from a buy rating to a hold rating in a report published on Tuesday.
According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “
Other equities research analysts also recently issued reports about the company. Craig Hallum reissued a buy rating and issued a $40.00 price objective on shares of CareDx in a report on Friday, November 9th. HC Wainwright reissued a hold rating and issued a $27.00 price objective on shares of CareDx in a report on Friday, December 21st. Finally, Raymond James reissued a strong-buy rating and issued a $30.00 price objective on shares of CareDx in a report on Tuesday, October 23rd. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and three have assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $33.20.
CareDx stock traded down $2.45 during mid-day trading on Tuesday, hitting $24.74. The company had a trading volume of 1,118,117 shares, compared to its average volume of 932,763. The firm has a market capitalization of $1.06 billion, a P/E ratio of -32.13 and a beta of 1.23. CareDx has a 1 year low of $4.92 and a 1 year high of $30.80. The company has a quick ratio of 2.36, a current ratio of 2.65 and a debt-to-equity ratio of 0.30.
CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Thursday, November 8th. The company reported ($0.54) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.42). The company had revenue of $21.18 million during the quarter, compared to analysts’ expectations of $18.47 million. CareDx had a negative net margin of 113.89% and a negative return on equity of 125.24%. As a group, research analysts expect that CareDx will post -1.32 earnings per share for the current fiscal year.
In other news, major shareholder Neil Gagnon sold 108,599 shares of the stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $27.05, for a total value of $2,937,602.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter Maag sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 13th. The shares were sold at an average price of $26.48, for a total value of $1,324,000.00. Following the completion of the sale, the insider now directly owns 389,747 shares of the company’s stock, valued at $10,320,500.56. The disclosure for this sale can be found here. Insiders sold 258,599 shares of company stock valued at $7,114,603 over the last three months. Corporate insiders own 3.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in shares of CareDx by 3.0% during the third quarter. BlackRock Inc. now owns 2,328,861 shares of the company’s stock worth $67,187,000 after purchasing an additional 67,556 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of CareDx by 1,721.5% during the second quarter. Russell Investments Group Ltd. now owns 137,344 shares of the company’s stock worth $1,683,000 after purchasing an additional 129,804 shares during the period. Northern Trust Corp lifted its holdings in shares of CareDx by 737.0% during the second quarter. Northern Trust Corp now owns 369,484 shares of the company’s stock worth $4,523,000 after purchasing an additional 325,341 shares during the period. Rhumbline Advisers acquired a new stake in shares of CareDx during the second quarter worth $377,000. Finally, Bellevue Group AG acquired a new stake in shares of CareDx during the third quarter worth $9,724,000. 77.04% of the stock is owned by hedge funds and other institutional investors.
CareDx, Inc operates as a transplant diagnostics company, which offers pre- and post-transplant continuum. It focuses on discovery, development, and commercialization of diagnostic surveillance solutions. Its product includes AlloMap, which aids clinicians in identifying heart transplant recipients with stable allograft function and AlloSure, which is a donor-derived cell free DNA test.
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