CareDx (NASDAQ:CDNA) Shares Gap Up Following Analyst Upgrade

Shares of CareDx, Inc. (NASDAQ:CDNA) gapped up before the market opened on Monday after Craig Hallum upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $43.71, but opened at $47.22. Craig Hallum now has a $64.00 price target on the stock. CareDx shares last traded at $47.9570, with a volume of 380,558 shares.

Several other research firms also recently weighed in on CDNA. Weiss Ratings upgraded shares of CareDx from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday. Wall Street Zen raised shares of CareDx from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. BTIG Research upped their target price on CareDx from $28.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. HC Wainwright reissued a “neutral” rating and set a $46.00 price target on shares of CareDx in a research report on Friday. Finally, William Blair upgraded CareDx to a “hold” rating in a research report on Thursday, July 16th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, CareDx presently has a consensus rating of “Hold” and an average price target of $44.00.

Insider Buying and Selling at CareDx

In other CareDx news, Director Hannah Valantine sold 12,103 shares of CareDx stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $23.11, for a total value of $279,700.33. Following the completion of the sale, the director owned 36,686 shares in the company, valued at $847,813.46. The trade was a 24.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the transaction, the chief executive officer owned 661,959 shares in the company, valued at approximately $19,355,681.16. The trade was a 5.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 78,936 shares of company stock worth $2,093,708 in the last 90 days. Insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

Institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new position in shares of CareDx in the 4th quarter worth $25,000. Meeder Asset Management Inc. acquired a new stake in CareDx during the fourth quarter worth about $79,000. Quantbot Technologies LP purchased a new position in shares of CareDx in the 3rd quarter worth about $89,000. CWM LLC lifted its stake in shares of CareDx by 119.1% in the 4th quarter. CWM LLC now owns 7,407 shares of the company’s stock valued at $140,000 after purchasing an additional 4,026 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of CareDx by 120.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,608 shares of the company’s stock worth $149,000 after purchasing an additional 4,160 shares during the period.

CareDx Trading Up 8.5%

The stock’s 50-day moving average is $28.59 and its 200-day moving average is $22.62. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 23.02 and a beta of 2.38.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The firm had revenue of $131.95 million for the quarter, compared to analysts’ expectations of $114.05 million. During the same period in the previous year, the company posted ($0.16) earnings per share. CareDx’s revenue was up 52.2% compared to the same quarter last year. On average, equities analysts predict that CareDx, Inc. will post 0.22 earnings per share for the current fiscal year.

About CareDx

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.