FY2024 Earnings Forecast for CareDx Issued By HC Wainwright

CareDx, Inc (NASDAQ:CDNA) – Investment analysts at HC Wainwright dropped their FY2024 EPS estimates for CareDx in a research note issued to investors on Tuesday, January 14th. HC Wainwright analyst Y. Chen now expects that the company will post earnings of ($1.11) per share for the year, down from their previous estimate of ($0.71). HC Wainwright currently has a “Neutral” rating and a $26.00 target price on the stock. The consensus estimate for CareDx’s current full-year earnings is ($0.70) per share. HC Wainwright also issued estimates for CareDx’s Q4 2024 earnings at ($0.62) EPS, Q1 2025 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.09) EPS, Q3 2025 earnings at ($0.07) EPS, Q4 2025 earnings at ($0.04) EPS and FY2025 earnings at ($0.31) EPS.

Several other analysts also recently weighed in on CDNA. The Goldman Sachs Group lifted their target price on CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. BTIG Research cut their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $28.00 to $24.00 in a report on Wednesday. Finally, StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CareDx presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

CareDx Trading Down 2.8 %

Shares of NASDAQ CDNA opened at $21.44 on Friday. CareDx has a 12-month low of $7.42 and a 12-month high of $34.84. The company has a market cap of $1.15 billion, a PE ratio of -7.94 and a beta of 1.86. The stock has a 50 day simple moving average of $22.90 and a 200-day simple moving average of $24.46.

CareDx (NASDAQ:CDNA) last posted its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The firm had revenue of $82.88 million during the quarter, compared to analyst estimates of $80.04 million. During the same period in the previous year, the business posted ($0.43) EPS. CareDx’s revenue was up 23.4% on a year-over-year basis.

Hedge Funds Weigh In On CareDx

Several hedge funds have recently made changes to their positions in CDNA. Millennium Management LLC boosted its holdings in CareDx by 1,085.4% during the second quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock worth $33,248,000 after buying an additional 1,960,308 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of CareDx by 6.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after acquiring an additional 88,100 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of CareDx by 30.8% during the 3rd quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company’s stock worth $46,947,000 after acquiring an additional 353,919 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of CareDx by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company’s stock worth $38,343,000 after acquiring an additional 32,141 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of CareDx by 78.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company’s stock worth $21,760,000 after acquiring an additional 306,222 shares during the last quarter.

Insider Activity at CareDx

In other CareDx news, Director Peter Maag sold 5,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $8,250,600. The trade was a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.90% of the company’s stock.

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.