Canaccord Genuity Group Forecasts Strong Price Appreciation for CareDx (NASDAQ:CDNA) Stock

CareDx (NASDAQ:CDNA) had its target price upped by Canaccord Genuity Group from $65.00 to $80.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 15.61% from the stock’s previous close.

Several other brokerages also recently weighed in on CDNA. Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, August 3rd. HC Wainwright reissued a “neutral” rating and set a $46.00 price target on shares of CareDx in a research report on Friday, July 31st. Zacks Research cut shares of CareDx from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Weiss Ratings upgraded shares of CareDx from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Finally, BTIG Research upped their price objective on shares of CareDx from $60.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 24th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, CareDx has an average rating of “Hold” and a consensus price target of $57.00.

CareDx Stock Performance

CareDx stock opened at $69.20 on Monday. The business’s 50-day simple moving average is $55.87 and its two-hundred day simple moving average is $36.98. The company has a market cap of $3.58 billion, a PE ratio of 33.43 and a beta of 2.38. CareDx has a fifty-two week low of $14.03 and a fifty-two week high of $72.51.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%. The firm had revenue of $131.95 million during the quarter, compared to analysts’ expectations of $114.05 million. During the same period last year, the business posted ($0.16) earnings per share. The company’s revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, analysts predict that CareDx will post 0.47 EPS for the current fiscal year.

Insider Activity at CareDx

In other CareDx news, Director Christine Cournoyer sold 16,000 shares of the business’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 value of $751,040.00. Following the completion of the transaction, the director directly owned 42,943 shares of the company’s stock, valued at approximately $2,015,744.42. The trade was a 27.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the transaction, the director directly owned 134,061 shares of the company’s stock, valued at $6,204,343.08. The trade was a 12.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CareDx

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNA. Abel Hall LLC purchased a new stake in shares of CareDx during the 3rd quarter worth about $398,000. IFP Advisors Inc grew its position in shares of CareDx by 1,158.0% during the 3rd quarter. IFP Advisors Inc now owns 1,107 shares of the company’s stock valued at $72,000 after acquiring an additional 1,019 shares during the period. USA Financial Formulas acquired a new stake in shares of CareDx during the 3rd quarter valued at about $97,000. GAMMA Investing LLC increased its stake in shares of CareDx by 10.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,660 shares of the company’s stock valued at $173,000 after purchasing an additional 259 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of CareDx in the 2nd quarter valued at about $29,000.

About CareDx

CareDx, Inc is a healthcare diagnostics company focused on improving the care of organ-transplant patients. The company develops and commercializes noninvasive tests and digital tools intended to help physicians assess transplant-organ health, identify potential rejection, and support long-term patient management.

Its offerings include AlloSure donor-derived cell-free DNA tests for monitoring transplant recipients, AlloMap gene-expression testing for heart-transplant patients, and HeartCare, which combines AlloMap and AlloSure results.