CareDx (NASDAQ:CDNA) Shares Up 4% – Here’s What Happened

CareDx, Inc (NASDAQ:CDNA)’s stock price rose 4% during trading on Wednesday . The stock traded as high as $23.65 and last traded at $23.62. Approximately 341,620 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 425,421 shares. The stock had previously closed at $22.72.

Wall Street Analysts Forecast Growth

CDNA has been the topic of a number of recent analyst reports. BTIG Research dropped their price objective on CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. HC Wainwright restated a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group lifted their price target on shares of CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

CareDx Stock Performance

The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -8.89 and a beta of 1.86. The business has a fifty day moving average of $22.89 and a two-hundred day moving average of $24.12.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.11. The business had revenue of $82.88 million during the quarter, compared to the consensus estimate of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The business’s revenue was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.43) EPS. On average, equities research analysts forecast that CareDx, Inc will post -0.7 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter Maag sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the sale, the director now directly owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. This trade represents a 1.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CareDx

A number of hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in CareDx by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 193,994 shares of the company’s stock worth $3,013,000 after buying an additional 12,404 shares during the period. ClariVest Asset Management LLC increased its holdings in CareDx by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 64,027 shares of the company’s stock valued at $994,000 after purchasing an additional 1,810 shares in the last quarter. American Century Companies Inc. raised its position in CareDx by 11.5% in the second quarter. American Century Companies Inc. now owns 108,366 shares of the company’s stock valued at $1,683,000 after purchasing an additional 11,168 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of CareDx during the second quarter worth about $142,000. Finally, Federated Hermes Inc. boosted its position in shares of CareDx by 7.4% in the second quarter. Federated Hermes Inc. now owns 37,003 shares of the company’s stock worth $575,000 after buying an additional 2,536 shares during the period.

About CareDx

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.