CareDx, Inc (NASDAQ:CDNA) Short Interest Up 10.6% in September

CareDx, Inc (NASDAQ:CDNA) saw a large growth in short interest in September. As of September 15th, there was short interest totalling 3,660,000 shares, a growth of 10.6% from the August 31st total of 3,310,000 shares. Approximately 7.4% of the company’s stock are sold short. Based on an average trading volume of 876,300 shares, the short-interest ratio is currently 4.2 days.

CareDx Stock Down 0.4 %

Shares of CDNA stock traded down $0.11 on Friday, reaching $29.70. 443,000 shares of the stock were exchanged, compared to its average volume of 895,405. CareDx has a 1-year low of $4.80 and a 1-year high of $34.84. The stock has a market cap of $1.55 billion, a P/E ratio of -8.68 and a beta of 1.77. The firm has a 50 day moving average of $27.31 and a two-hundred day moving average of $17.69.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $92.27 million during the quarter, compared to the consensus estimate of $67.20 million. On average, equities research analysts predict that CareDx will post -0.84 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on CDNA. BTIG Research raised CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Monday, August 19th. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group boosted their target price on CareDx from $16.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Craig Hallum raised their price target on CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company assumed coverage on CareDx in a research report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Insiders Place Their Bets

In related news, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total transaction of $702,327.06. Following the completion of the transaction, the insider now owns 284,983 shares in the company, valued at $9,284,746.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Peter Maag sold 35,552 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $33.04, for a total value of $1,174,638.08. Following the completion of the transaction, the director now owns 330,024 shares in the company, valued at approximately $10,903,992.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Alexander L. Johnson sold 21,557 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total transaction of $702,327.06. Following the completion of the transaction, the insider now directly owns 284,983 shares in the company, valued at $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 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On CareDx

A number of hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in CareDx by 1,021.8% in the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after acquiring an additional 2,013 shares in the last quarter. Plato Investment Management Ltd bought a new position in shares of CareDx during the second quarter worth about $62,000. Meeder Asset Management Inc. bought a new stake in CareDx in the second quarter valued at about $142,000. Allspring Global Investments Holdings LLC raised its stake in CareDx by 10,267.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock valued at $198,000 after buying an additional 18,481 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in CareDx during the first quarter worth $238,000.

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.