CareDx (NASDAQ:CDNA) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of CareDx (NASDAQ:CDNA) from a hold rating to a strong-buy rating in a research report report published on Thursday morning,Zacks reports.

Other equities research analysts have also recently issued reports about the stock. Canaccord Genuity Group set a $99.00 target price on shares of CareDx in a research report on Friday, October 30th. William Blair upgraded shares of CareDx to a “hold” rating in a research report on Thursday, July 16th. 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 research report on Monday, August 3rd. BTIG Research upped their price objective on shares of CareDx from $81.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Finally, Wall Street Zen downgraded shares of CareDx from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, CareDx currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.40.

CareDx Stock Performance

Shares of NASDAQ:CDNA traded up $2.23 during trading on Thursday, reaching $78.56. The stock had a trading volume of 1,126,156 shares, compared to its average volume of 1,463,576. The business has a fifty day moving average price of $63.23 and a 200-day moving average price of $35.20. The stock has a market cap of $4.13 billion, a PE ratio of 32.87 and a beta of 2.51. CareDx has a 1-year low of $14.72 and a 1-year high of $90.87.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.25 by $0.45. The firm had revenue of $139.36 million during the quarter, compared to analysts’ expectations of $121.96 million. CareDx had a return on equity of 9.74% and a net margin of 25.86%. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. Sell-side analysts expect that CareDx will post 0.99 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in CareDx during the second quarter worth about $137,219,000. Bamco Inc. NY acquired a new position in CareDx in the 2nd quarter valued at about $55,214,000. Amova Asset Management Americas Inc. grew its stake in shares of CareDx by 2.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company’s stock valued at $25,608,000 after buying an additional 28,510 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of CareDx by 2.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company’s stock valued at $25,608,000 after buying an additional 28,510 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of CareDx by 11.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,461,914 shares of the company’s stock worth $25,375,000 after buying an additional 151,934 shares during 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.