CareDx (NASDAQ:CDNA) Trading Down 7.9% Following Analyst Downgrade

Shares of CareDx, Inc (NASDAQ:CDNA) dropped 7.9% during mid-day trading on Tuesday after HC Wainwright lowered their price target on the stock from $26.00 to $25.00. HC Wainwright currently has a neutral rating on the stock. CareDx traded as low as $19.33 and last traded at $19.47. Approximately 424,308 shares traded hands during trading, a decline of 50% from the average daily volume of 841,406 shares. The stock had previously closed at $21.13.

A number of other brokerages also recently weighed in on CDNA. Stephens reiterated an “overweight” rating and issued a $40.00 price target on shares of CareDx in a report on Thursday, February 27th. Wells Fargo & Company upgraded shares of CareDx from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $28.00 to $24.00 in a research note on Wednesday, January 15th. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a report on Wednesday, February 26th. Finally, BTIG Research lowered their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.83.

Hedge Funds Weigh In On CareDx

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in CareDx by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 4,859,732 shares of the company’s stock valued at $104,047,000 after purchasing an additional 323,554 shares during the last quarter. Bamco Inc. NY increased its stake in shares of CareDx by 17.6% in the fourth quarter. Bamco Inc. NY now owns 2,207,299 shares of the company’s stock valued at $47,258,000 after purchasing an additional 330,627 shares during the period. Fred Alger Management LLC raised its holdings in shares of CareDx by 7.3% during the fourth quarter. Fred Alger Management LLC now owns 1,613,992 shares of the company’s stock valued at $34,556,000 after buying an additional 110,471 shares during the last quarter. Invesco Ltd. boosted its position in shares of CareDx by 3.5% during the fourth quarter. Invesco Ltd. now owns 1,514,850 shares of the company’s stock worth $32,433,000 after buying an additional 51,160 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in CareDx by 15.9% in the 4th quarter. Renaissance Technologies LLC now owns 1,432,198 shares of the company’s stock worth $30,663,000 after buying an additional 196,298 shares in the last quarter.

CareDx Trading Down 3.9 %

The firm has a 50-day moving average of $22.70 and a 200 day moving average of $25.14. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -7.52 and a beta of 1.87.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $1.46. The company had revenue of $86.58 million during the quarter, compared to analyst estimates of $84.56 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. Equities research analysts predict that CareDx, Inc will post -0.9 EPS for the current fiscal year.

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.