CareDx (NASDAQ:CDNA) Shares Down 11.8% – Here’s What Happened

CareDx, Inc (NASDAQ:CDNA) dropped 11.8% during trading on Wednesday . The stock traded as low as $27.90 and last traded at $28.35. Approximately 707,464 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 894,643 shares. The stock had previously closed at $32.16.

Analyst Ratings Changes

CDNA has been the subject of several recent research reports. Wells Fargo & Company started coverage on shares of CareDx in a research report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price objective for the company. Craig Hallum increased 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. StockNews.com cut CareDx from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. The Goldman Sachs Group increased their target price on CareDx from $16.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, BTIG Research upgraded CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $28.80.

CareDx Trading Down 12.4 %

The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -8.29 and a beta of 1.77. The stock has a 50-day simple moving average of $29.06 and a 200-day simple moving average of $18.79.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.37. The firm had revenue of $92.27 million for the quarter, compared to the consensus estimate of $67.20 million. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. On average, research analysts forecast that CareDx, Inc will post -0.84 EPS for the current year.

Insider Buying and Selling at CareDx

In other news, insider Alexander L. Johnson sold 21,557 shares of CareDx stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total value of $702,327.06. Following the completion of the transaction, the insider now owns 284,983 shares in the company, valued at approximately $9,284,746.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 284,983 shares of the company’s stock, valued at $9,284,746.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alexander L. Johnson sold 34,231 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the completion of the transaction, the insider now directly owns 284,983 shares in the company, valued at $9,561,179.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,340 shares of company stock worth $3,025,415 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CDNA. GAMMA Investing LLC raised its holdings in shares of CareDx by 1,021.8% during the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after buying an additional 2,013 shares during the last quarter. Plato Investment Management Ltd bought a new stake in CareDx during the 2nd quarter valued at $62,000. Meeder Asset Management Inc. acquired a new position in CareDx during the 2nd quarter worth $142,000. Allspring Global Investments Holdings LLC boosted its position in CareDx by 10,267.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock worth $198,000 after acquiring an additional 18,481 shares during the period. Finally, CWM LLC grew its stake in shares of CareDx by 560.1% in the third quarter. CWM LLC now owns 7,604 shares of the company’s stock worth $237,000 after purchasing an additional 6,452 shares in 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.