CareDx (NASDAQ:CDNA) Sees Strong Trading Volume – Time to Buy?

CareDx, Inc (NASDAQ:CDNA) saw an uptick in trading volume on Monday . 1,810,291 shares changed hands during mid-day trading, an increase of 130% from the previous session’s volume of 785,897 shares.The stock last traded at $24.32 and had previously closed at $22.41.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CDNA shares. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. BTIG Research dropped their target price on CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company raised CareDx from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $28.00 to $24.00 in a report on Wednesday, January 15th. HC Wainwright restated a “neutral” rating and issued a $26.00 price target on shares of CareDx in a research note on Tuesday, January 14th. Finally, The Goldman Sachs Group increased their price objective on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, CareDx has an average rating of “Moderate Buy” and a consensus price target of $28.33.

CareDx Price Performance

The firm has a market cap of $1.28 billion, a PE ratio of -8.87 and a beta of 1.87. The business has a 50-day moving average price of $22.70 and a two-hundred day moving average price of $25.29.

Insider Buying and Selling at CareDx

In other CareDx news, Director Peter Maag sold 5,000 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. Following the sale, the director now owns 330,024 shares in the company, valued at approximately $8,250,600. This represents a 1.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CareDx

A number of institutional investors have recently modified their holdings of CDNA. ExodusPoint Capital Management LP boosted its position in CareDx by 109.4% during the fourth quarter. ExodusPoint Capital Management LP now owns 75,747 shares of the company’s stock worth $1,622,000 after acquiring an additional 39,566 shares during the last quarter. Trexquant Investment LP boosted its holdings in shares of CareDx by 60.1% during the fourth quarter. Trexquant Investment LP now owns 333,876 shares of the company’s stock worth $7,148,000 after purchasing an additional 125,363 shares during the last quarter. Geode Capital Management LLC grew its position in shares of CareDx by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,234,263 shares of the company’s stock valued at $26,432,000 after purchasing an additional 6,539 shares during the period. Franklin Resources Inc. increased its stake in CareDx by 91.4% in the fourth quarter. Franklin Resources Inc. now owns 113,859 shares of the company’s stock valued at $2,438,000 after purchasing an additional 54,385 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in CareDx during the fourth quarter worth about $731,000.

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.