CareDx (NASDAQ:CDNA) Earns Buy Rating from Analysts at Canaccord Genuity Group

Equities research analysts at Canaccord Genuity Group started coverage on shares of CareDx (NASDAQ:CDNA) in a research report issued on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $65.00 price target on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 31.05% from the company’s current price.

Other analysts have also issued research reports about the company. BTIG Research boosted their price target on CareDx from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. HC Wainwright reaffirmed a “neutral” rating and set a $46.00 price objective on shares of CareDx in a report on Friday, July 31st. Weiss Ratings raised shares of CareDx from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Craig Hallum upgraded 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. Finally, William Blair upgraded shares of CareDx to a “hold” rating in a report on Thursday, July 16th. One 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.20.

CareDx Trading Up 1.3%

Shares of CareDx stock opened at $49.60 on Wednesday. CareDx has a 1 year low of $12.37 and a 1 year high of $53.67. The company’s fifty day simple moving average is $39.84 and its 200-day simple moving average is $27.11. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 23.96 and a beta of 2.43.

CareDx (NASDAQ:CDNA) last posted 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 net margin of 24.23% and a return on equity of 2.87%. The company had revenue of $131.95 million for the quarter, compared to the consensus estimate of $114.05 million. During the same quarter in the previous year, the firm posted ($0.16) EPS. The business’s revenue was up 52.2% compared to the same quarter last year. As a group, research analysts forecast that CareDx will post 0.47 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Christine Cournoyer sold 16,000 shares of CareDx 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 completion of the transaction, the director directly owned 42,943 shares in the company, valued at approximately $2,015,744.42. The trade was a 27.14% decrease in their position. 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 Hannah Valantine sold 12,103 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $23.11, for a total value of $279,700.33. Following the transaction, the director directly owned 36,686 shares in the company, valued at $847,813.46. The trade was a 24.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 110,101 shares of company stock valued at $3,654,308. 2.40% of the stock is owned by insiders.

Institutional Trading of CareDx

Hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in CareDx by 1.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 39,218 shares of the company’s stock valued at $739,000 after buying an additional 711 shares during the last quarter. Nykredit A S bought a new stake in shares of CareDx during the second quarter worth approximately $25,000. The Manufacturers Life Insurance Company boosted its holdings in shares of CareDx by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 27,742 shares of the company’s stock worth $542,000 after acquiring an additional 1,280 shares during the period. Quarry LP acquired a new position in shares of CareDx in the fourth quarter valued at approximately $25,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of CareDx by 11.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 21,242 shares of the company’s stock worth $380,000 after purchasing an additional 2,151 shares during the period.

CareDx Company Profile

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.