CareDx (NASDAQ:CDNA) Sets New 52-Week High – Time to Buy?

CareDx, Inc. (NASDAQ:CDNA) shares hit a new 52-week high on Wednesday. The company traded as high as $73.43 and last traded at $72.4250, with a volume of 415,201 shares trading hands. The stock had previously closed at $70.53.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. HC Wainwright reissued a “neutral” rating and set a $46.00 price target on shares of CareDx in a report on Friday, July 31st. Craig Hallum raised CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Monday, August 3rd. Zacks Research cut CareDx from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. William Blair upgraded CareDx to a “hold” rating in a research report on Thursday, July 16th. Finally, BTIG Research increased their target price on CareDx from $74.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $58.40.

CareDx Stock Up 3.5%

The company has a market cap of $3.78 billion, a PE ratio of 35.31 and a beta of 2.38. The business’s fifty day moving average is $58.10 and its 200-day moving average is $32.75.

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

Insider Buying and Selling at CareDx

In other news, Director Christine Cournoyer sold 16,000 shares of the company’s stock in a transaction 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 sale, the director directly owned 42,943 shares in the company, valued at $2,015,744.42. This represents a 27.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 firm’s stock in a transaction 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 completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

Hedge funds have recently bought and sold shares of the stock. Reyes Financial Architecture Inc. purchased a new stake in CareDx in the third quarter worth about $50,000. Signaturefd LLC bought a new position in shares of CareDx in the third quarter worth about $51,000. Nykredit A S bought a new position in shares of CareDx in the second quarter worth about $25,000. Integrated Wealth Concepts LLC bought a new position in shares of CareDx in the second quarter worth about $29,000. Finally, IFP Advisors Inc lifted 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 buying an additional 1,019 shares in the last quarter.

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.