StockNews.com Downgrades CareDx (NASDAQ:CDNA) to Hold

CareDx (NASDAQ:CDNA) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other analysts have also recently commented on the stock. Craig Hallum upped their target price 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 assumed coverage on CareDx in a report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price objective for the company. HC Wainwright restated a “neutral” rating on shares of CareDx in a research report on Thursday, August 1st. BTIG Research upgraded CareDx from a “neutral” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Monday, August 19th. Finally, The Goldman Sachs Group increased their price target on shares of CareDx from $16.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, CareDx presently has a consensus rating of “Hold” and an average target price of $28.80.

CareDx Stock Down 1.0 %

Shares of CDNA stock opened at $30.93 on Wednesday. CareDx has a 12 month low of $4.80 and a 12 month high of $34.84. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -9.04 and a beta of 1.77. The stock has a 50-day moving average price of $27.56 and a 200 day moving average price of $17.89.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.37. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The business had revenue of $92.27 million during the quarter, compared to the consensus estimate of $67.20 million. Sell-side analysts predict that CareDx will post -0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alexander L. Johnson sold 21,557 shares of CareDx stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total transaction of $702,327.06. Following the transaction, the insider now owns 284,983 shares in the company, valued at approximately $9,284,746.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Alexander L. Johnson sold 34,231 shares of the company’s 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 completion of the transaction, the insider now directly owns 284,983 shares of the company’s stock, valued at approximately $9,561,179.65. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Alexander L. Johnson sold 21,557 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total value of $702,327.06. Following the transaction, the insider now owns 284,983 shares of the company’s stock, valued at approximately $9,284,746.14. The disclosure for this sale can be found here. Insiders sold 91,340 shares of company stock worth $3,025,415 over the last ninety days. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CDNA. Millennium Management LLC raised its position in CareDx by 1,085.4% in the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock valued at $33,248,000 after buying an additional 1,960,308 shares during the last quarter. Bamco Inc. NY bought a new position in shares of CareDx during the 1st quarter worth approximately $13,025,000. Fred Alger Management LLC raised its holdings in shares of CareDx by 517.9% in the second quarter. Fred Alger Management LLC now owns 1,149,602 shares of the company’s stock valued at $17,853,000 after purchasing an additional 963,554 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in shares of CareDx in the second quarter worth $2,852,000. Finally, Vanguard Group Inc. boosted its holdings in CareDx by 4.4% during the first quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock worth $45,537,000 after purchasing an additional 180,334 shares during the last quarter.

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.