CareDx (NASDAQ:CDNA) Shares Gap Down – Here’s Why

CareDx, Inc (NASDAQ:CDNA)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $31.31, but opened at $28.73. CareDx shares last traded at $25.92, with a volume of 478,529 shares changing hands.

Analyst Ratings Changes

CDNA has been the subject of several analyst reports. Craig Hallum increased their price target on shares of CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company started coverage on shares of CareDx in a report on Tuesday, August 27th. They set an “underweight” rating and a $28.00 target price for the company. BTIG Research upgraded CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, August 19th. StockNews.com cut CareDx from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, HC Wainwright reiterated a “neutral” rating on shares of CareDx in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, CareDx has a consensus rating of “Hold” and an average target price of $28.80.

CareDx Stock Performance

The company has a 50-day simple moving average of $29.67 and a two-hundred day simple moving average of $19.36. The firm has a market capitalization of $1.39 billion, a P/E ratio of -7.97 and a beta of 1.77.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.37. The company had revenue of $92.27 million for the quarter, compared to analyst estimates of $67.20 million. CareDx had a negative return on equity of 53.65% and a negative net margin of 53.73%. As a group, research analysts forecast that CareDx, Inc will post -0.84 earnings per share for the current fiscal year.

Insider Transactions at CareDx

In related news, Director Peter Maag sold 35,552 shares of CareDx stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the completion of the transaction, the director now directly owns 330,024 shares of the company’s stock, valued at $10,903,992.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Peter Maag sold 35,552 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total value of $1,174,638.08. Following the sale, the director now owns 330,024 shares in the company, valued at $10,903,992.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Alexander L. Johnson sold 34,231 shares of CareDx stock in a transaction on Monday, August 19th. The shares were sold at an average price of $33.55, for a total value of $1,148,450.05. Following the transaction, the insider now owns 284,983 shares of the company’s stock, valued at $9,561,179.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,340 shares of company stock valued at $3,025,415 in the last three months. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of CareDx

A number of institutional investors and hedge funds have recently bought and sold shares of CDNA. GAMMA Investing LLC grew its holdings in shares of CareDx by 1,021.8% during the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after buying an additional 2,013 shares during the last quarter. Plato Investment Management Ltd purchased a new position in CareDx in the 2nd quarter worth approximately $62,000. Meeder Asset Management Inc. bought a new position in CareDx in the 2nd quarter valued at approximately $142,000. Allspring Global Investments Holdings LLC boosted its stake in CareDx by 10,267.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock valued at $198,000 after purchasing an additional 18,481 shares during the last quarter. Finally, Creative Planning bought a new stake in shares of CareDx in the 3rd quarter worth $204,000.

CareDx Company Profile

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.