Short Interest in CareDx, Inc (NASDAQ:CDNA) Decreases By 11.2%

CareDx, Inc (NASDAQ:CDNA) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 3,480,000 shares, a drop of 11.2% from the July 15th total of 3,920,000 shares. Based on an average trading volume of 917,000 shares, the short-interest ratio is presently 3.8 days. Currently, 7.1% of the company’s stock are short sold.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNA. Caxton Associates LP boosted its position in shares of CareDx by 97.2% in the first quarter. Caxton Associates LP now owns 96,308 shares of the company’s stock valued at $1,020,000 after acquiring an additional 47,469 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in CareDx by 87.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 228,198 shares of the company’s stock valued at $2,417,000 after purchasing an additional 106,660 shares during the period. Los Angeles Capital Management LLC grew its position in CareDx by 138.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 237,115 shares of the company’s stock worth $2,845,000 after purchasing an additional 137,842 shares during the last quarter. Bamco Inc. NY acquired a new stake in CareDx in the 1st quarter worth $13,025,000. Finally, Vanguard Group Inc. increased its holdings in shares of CareDx by 4.4% during the 1st 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 period.

CareDx Stock Performance

Shares of CareDx stock traded up $4.65 during trading on Friday, reaching $33.00. The company’s stock had a trading volume of 2,551,122 shares, compared to its average volume of 915,056. CareDx has a one year low of $4.80 and a one year high of $33.13. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -9.65 and a beta of 1.78. The business’s fifty day moving average price is $18.54 and its 200-day moving average price is $13.41.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Stephens lifted their price target on CareDx from $15.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, May 13th. HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a research note on Thursday, August 1st. Craig Hallum increased their target price on shares of CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. StockNews.com upgraded CareDx from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Finally, Raymond James downgraded CareDx from an “outperform” rating to a “market perform” rating in a research note on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.33.

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.