CareDx (NASDAQ:CDNA) Sets New 1-Year High – Here’s Why

CareDx, Inc. (NASDAQ:CDNA) reached a new 52-week high during trading on Wednesday . The company traded as high as $24.85 and last traded at $23.25, with a volume of 938029 shares changing hands. The stock had previously closed at $24.08.

Wall Street Analyst Weigh In

CDNA has been the subject of a number of recent analyst reports. BTIG Research lifted their price target on shares of CareDx from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Wells Fargo & Company upped their price objective on shares of CareDx from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CareDx in a research report on Wednesday, May 27th. Finally, Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.

CareDx Stock Performance

The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -145.31 and a beta of 2.49. The firm has a 50-day simple moving average of $21.03 and a two-hundred day simple moving average of $19.70.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.23. The business had revenue of $117.70 million for the quarter, compared to analysts’ expectations of $102.03 million. CareDx had a negative net margin of 2.01% and a negative return on equity of 2.65%. The business’s quarterly revenue was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 earnings per share. As a group, equities analysts forecast that CareDx, Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity at CareDx

In other CareDx news, Director Hannah Valantine sold 12,103 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $23.11, for a total value of $279,700.33. Following the completion of the transaction, the director 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. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 21,998 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $24.02, for a total value of $528,391.96. Following the sale, the chief executive officer directly owned 649,642 shares in the company, valued at $15,604,400.84. This represents a 3.28% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,218 shares of company stock valued at $1,141,288 in the last three months. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CareDx

A number of hedge funds have recently bought and sold shares of the stock. Bamco Inc. NY raised its holdings in CareDx by 29.5% in the third quarter. Bamco Inc. NY now owns 3,155,180 shares of the company’s stock valued at $45,876,000 after acquiring an additional 719,523 shares in the last quarter. State Street Corp grew its holdings in CareDx by 6.7% during the 4th quarter. State Street Corp now owns 2,737,752 shares of the company’s stock worth $51,579,000 after acquiring an additional 171,303 shares in the last quarter. Deerfield Management Company L.P. acquired a new position in CareDx during the 3rd quarter worth approximately $31,857,000. Braidwell LP purchased a new stake in shares of CareDx in the 3rd quarter valued at approximately $31,738,000. Finally, ARK Investment Management LLC raised its holdings in shares of CareDx by 3.4% in the 3rd quarter. ARK Investment Management LLC now owns 2,170,625 shares of the company’s stock valued at $31,561,000 after purchasing an additional 70,468 shares in the last quarter.

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.