CareDx (NASDAQ:CDNA) Reaches New 52-Week High – Should You Buy?

CareDx, Inc. (NASDAQ:CDNA)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $53.74 and last traded at $52.1560, with a volume of 151331 shares changing hands. The stock had previously closed at $52.37.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Canaccord Genuity Group initiated coverage on CareDx in a report on Wednesday, September 2nd. They issued a “buy” rating and a $65.00 price objective for the company. William Blair raised shares of CareDx to a “hold” rating in a report on Thursday, July 16th. Zacks Research upgraded shares of CareDx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. BTIG Research increased their price objective on shares of CareDx from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, HC Wainwright restated a “neutral” rating and issued a $46.00 target price on shares of CareDx in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, CareDx currently has an average rating of “Moderate Buy” and a consensus price target of $51.20.

CareDx Stock Up 1.7%

The company has a market cap of $2.77 billion, a P/E ratio of 25.87 and a beta of 2.43. The business has a fifty day simple moving average of $44.31 and a two-hundred day simple moving average of $29.35.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The business had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. During the same period in the previous year, the company posted ($0.16) EPS. The business’s quarterly revenue was up 52.2% compared to the same quarter last year. On average, equities analysts predict that CareDx, Inc. will post 0.47 EPS for the current fiscal year.

Insider Activity at CareDx

In related news, CEO Walter Jr sold 39,900 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the completion of the sale, the chief executive officer directly owned 661,959 shares in the company, valued at approximately $19,355,681.16. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Cournoyer sold 16,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total transaction of $751,040.00. Following the sale, the director directly owned 42,943 shares of the company’s stock, valued at approximately $2,015,744.42. This represents a 27.14% 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 ninety days, insiders sold 76,000 shares of company stock worth $2,846,216. 2.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On CareDx

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in CareDx during the second quarter valued at about $137,219,000. Bamco Inc. NY bought a new position in shares of CareDx in the second quarter worth about $55,214,000. Gagnon Securities LLC lifted its position in shares of CareDx by 2.6% during the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company’s stock valued at $33,439,000 after buying an additional 45,465 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of CareDx by 2.0% during 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 in the last quarter. Finally, Amova Asset Management Americas Inc. grew its stake in shares of CareDx by 2.0% during 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 acquiring an additional 28,510 shares during the period.

About CareDx

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.