CareDx (NASDAQ:CDNA) Reaches New 1-Year High – Still a Buy?

CareDx, Inc. (NASDAQ:CDNA)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $24.11 and last traded at $23.8860, with a volume of 445418 shares changing hands. The stock had previously closed at $23.46.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CDNA shares. Wells Fargo & Company lifted their price target on shares of CareDx from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. BTIG Research lifted their price target on shares of CareDx from $26.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of CareDx from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of CareDx in a report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.00.

CareDx Trading Up 0.9%

The stock has a market cap of $1.22 billion, a P/E ratio of -149.31 and a beta of 2.49. The stock’s fifty day moving average price is $20.58 and its 200 day moving average price is $19.54.

CareDx (NASDAQ:CDNA) last announced its earnings results on Tuesday, April 28th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.23. CareDx had a negative net margin of 2.01% and a negative return on equity of 2.65%. The firm had revenue of $117.70 million for the quarter, compared to analysts’ expectations of $102.03 million. During the same quarter in the previous year, the business posted $0.09 EPS. The company’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, sell-side analysts forecast that CareDx, Inc. will post 0.22 earnings per share for the current year.

Insider Activity

In other news, CEO John Walter Hanna, Jr. sold 10,282 shares of CareDx stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $21.12, for a total value of $217,155.84. Following the completion of the transaction, the chief executive officer owned 676,475 shares of the company’s stock, valued at $14,287,152. The trade was a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CareDx

Several large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in shares of CareDx by 1.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 39,218 shares of the company’s stock worth $739,000 after purchasing an additional 711 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of CareDx by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,742 shares of the company’s stock worth $542,000 after purchasing an additional 1,280 shares during the last quarter. Quarry LP purchased a new position in shares of CareDx in the 4th quarter worth about $25,000. Allspring Global Investments Holdings LLC raised its position in shares of CareDx by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 19,091 shares of the company’s stock worth $365,000 after purchasing an additional 1,675 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of CareDx in the 3rd quarter worth about $31,000.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.