CareDx (NASDAQ:CDNA) Shares Down 6.2% – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA) shares traded down 6.2% during mid-day trading on Tuesday. The company traded as low as $64.73 and last traded at $65.5290. Approximately 899,250 shares traded hands during trading, a decline of 2% from the average daily volume of 921,099 shares. The stock had previously closed at $69.85.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. BTIG Research lifted their price target on shares of CareDx from $60.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 24th. HC Wainwright reissued a “neutral” rating and issued a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Canaccord Genuity Group started coverage on CareDx in a research note on Wednesday, September 2nd. They set a “buy” rating and a $65.00 target price for the company. Zacks Research lowered CareDx from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Finally, William Blair upgraded CareDx to a “hold” rating in a research note on Thursday, July 16th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $54.00.

CareDx Trading Down 1.2%

The stock has a market capitalization of $3.26 billion, a P/E ratio of 30.45 and a beta of 2.38. The stock’s 50 day simple moving average is $52.31 and its 200 day simple moving average is $33.96.

CareDx (NASDAQ:CDNA) last released its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.14. The company had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The company’s revenue was up 52.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.16) EPS. On average, sell-side analysts expect that CareDx, Inc. will post 0.47 EPS for the current fiscal year.

Insider Activity

In other CareDx news, Director Christine Cournoyer sold 16,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total transaction of $751,040.00. Following the sale, the director owned 42,943 shares in the company, valued at $2,015,744.42. This represents a 27.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total value of $925,600.00. Following the transaction, the director directly owned 134,061 shares in the company, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On CareDx

A number of hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC bought a new position in shares of CareDx in the 2nd quarter worth about $29,000. Squarepoint Ops LLC grew its position in shares of CareDx by 759.5% during the 2nd quarter. Squarepoint Ops LLC now owns 141,623 shares of the company’s stock valued at $4,036,000 after buying an additional 125,146 shares during the last quarter. Nykredit A S acquired a new stake in CareDx during the second quarter worth about $25,000. Corient Private Wealth LP acquired a new stake in CareDx during the second quarter worth about $697,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in CareDx in the second quarter worth about $668,000.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision-medicine company focused on improving the care of organ-transplant patients. The company develops diagnostic tests, digital tools and services designed to help clinicians monitor transplant recipients, assess the risk of rejection and support long-term graft management.

CareDx’s product portfolio includes AlloMap, a gene-expression blood test used in heart-transplant surveillance, and AlloSure, a donor-derived cell-free DNA test designed to help detect potential organ injury or rejection.