CareDx (NASDAQ:CDNA) Stock Bumped Up to Strong-Buy by Zacks Research

CareDx (NASDAQ:CDNA) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks reports.

Several other research firms have also commented on CDNA. HC Wainwright reiterated a “neutral” rating and issued a $46.00 target price on shares of CareDx in a research note on Friday, July 31st. William Blair raised CareDx to a “hold” rating in a research note on Thursday, July 16th. BTIG Research lifted their price target on CareDx from $81.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, October 30th. Canaccord Genuity Group set a $99.00 price target on shares of CareDx in a research note on Friday, October 30th. Finally, Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, CareDx has an average rating of “Moderate Buy” and an average price target of $64.40.

CareDx Stock Up 2.9%

Shares of CareDx stock opened at $78.56 on Thursday. The firm’s 50-day moving average price is $63.23 and its two-hundred day moving average price is $35.20. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of 130.12 and a beta of 2.51. CareDx has a 12-month low of $14.72 and a 12-month high of $90.87.

CareDx (NASDAQ:CDNA) last posted its 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. CareDx had a net margin of 25.86% and a return on equity of 9.74%. The firm had revenue of $139.36 million during the quarter, compared to analysts’ expectations of $121.96 million. During the same period last year, the company posted $0.03 EPS. The company’s quarterly revenue was up 39.3% compared to the same quarter last year. On average, sell-side analysts expect that CareDx will post 0.99 earnings per share for the current year.

Hedge Funds Weigh In On CareDx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake in CareDx by 10.8% in the third quarter. GAMMA Investing LLC now owns 2,660 shares of the company’s stock valued at $173,000 after buying an additional 259 shares during the period. Reyes Financial Architecture Inc. purchased a new position in shares of CareDx in the third quarter valued at $50,000. Signaturefd LLC purchased a new stake in shares of CareDx in the third quarter valued at approximately $51,000. Nykredit A S acquired a new stake in shares of CareDx during the second quarter worth about $25,000. Finally, Allspring Global Investments Holdings LLC increased its stake in CareDx by 4.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 23,000 shares of the company’s stock worth $1,523,000 after buying an additional 961 shares in the last quarter.

CareDx Company Profile

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.