CareDx (NASDAQ:CDNA) Reaches New 52-Week High – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $26.78 and last traded at $25.05, with a volume of 733876 shares changing hands. The stock had previously closed at $26.18.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of CareDx in a research report on Wednesday, May 27th. Wells Fargo & Company raised their price objective on CareDx from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. BTIG Research boosted their price objective on CareDx from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $25.00.

CareDx Price Performance

The company has a market cap of $1.40 billion, a price-to-earnings ratio of -169.56 and a beta of 2.49. The business’s fifty day moving average price is $22.03 and its 200 day moving average price is $20.01.

CareDx (NASDAQ:CDNA) last announced its 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. CareDx had a negative return on equity of 2.65% and a negative net margin of 2.01%.The business had revenue of $117.70 million during the quarter, compared to analyst estimates of $102.03 million. During the same period last year, the company earned $0.09 EPS. CareDx’s revenue for the quarter was up 39.3% compared to the same quarter last year. As a group, equities research analysts anticipate that CareDx, Inc. will post 0.22 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John Walter Hanna, Jr. sold 21,998 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $24.02, for a total value of $528,391.96. Following the transaction, the chief executive officer owned 649,642 shares in the company, valued at $15,604,400.84. The trade was a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of CareDx 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 completion of the sale, the director owned 36,686 shares of the company’s stock, valued at approximately $847,813.46. The trade was a 24.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 49,218 shares of company stock worth $1,141,288. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On CareDx

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