CareDx (NASDAQ:CDNA) Rating Lowered to Hold at StockNews.com

CareDx (NASDAQ:CDNA) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company initiated coverage on shares of CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 target price for the company. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a research note on Thursday, August 1st. Craig Hallum increased their price target on shares of CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, August 1st. BTIG Research raised shares of CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, August 19th. Finally, The Goldman Sachs Group increased their price target on shares of CareDx from $16.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $28.80.

CareDx Stock Performance

Shares of NASDAQ:CDNA opened at $30.44 on Wednesday. CareDx has a 52-week low of $4.80 and a 52-week high of $34.84. The company has a market capitalization of $1.59 billion, a P/E ratio of -9.11 and a beta of 1.77. The company has a 50-day simple moving average of $28.05 and a 200 day simple moving average of $18.12.

CareDx (NASDAQ:CDNA) last issued its earnings results 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 business had revenue of $92.27 million during the quarter, compared to the consensus estimate of $67.20 million. As a group, equities analysts forecast that CareDx will post -0.84 earnings per share for the current year.

Insider Transactions at CareDx

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

Institutional Trading of CareDx

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of CareDx by 4.4% during the first 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. Bellevue Group AG lifted its holdings in shares of CareDx by 0.4% during the fourth quarter. Bellevue Group AG now owns 3,954,792 shares of the company’s stock worth $47,458,000 after purchasing an additional 13,994 shares during the period. Gagnon Securities LLC lifted its holdings in shares of CareDx by 7.1% during the first quarter. Gagnon Securities LLC now owns 2,245,529 shares of the company’s stock worth $23,780,000 after purchasing an additional 149,485 shares during the period. Millennium Management LLC lifted its holdings in shares of 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 purchasing an additional 1,960,308 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of CareDx by 6.2% during the second quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock worth $23,492,000 after purchasing an additional 88,100 shares during the period.

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.