CareDx (NASDAQ:CDNA) Shares Down 3.7% – Here’s Why

CareDx, Inc (NASDAQ:CDNA)’s stock price was down 3.7% on Tuesday . The stock traded as low as $17.11 and last traded at $17.05. Approximately 79,641 shares traded hands during trading, a decline of 91% from the average daily volume of 885,730 shares. The stock had previously closed at $17.70.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. HC Wainwright reissued a “neutral” rating and set a $25.00 price objective on shares of CareDx in a research note on Monday, May 5th. Stephens restated an “overweight” rating and issued a $40.00 price objective on shares of CareDx in a research report on Monday, May 5th. The Goldman Sachs Group dropped their price objective on CareDx from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, StockNews.com lowered shares of CareDx from a “buy” rating to a “hold” rating in a report on Monday, May 5th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.33.

CareDx Stock Down 0.3%

The company has a 50 day moving average of $17.60 and a 200 day moving average of $20.88. The stock has a market capitalization of $982.77 million, a price-to-earnings ratio of -6.54 and a beta of 2.27.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $84.69 million during the quarter, compared to analyst estimates of $84.56 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. CareDx’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.03) earnings per share. On average, research analysts forecast that CareDx, Inc will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Peter Maag sold 13,281 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $17.23, for a total value of $228,831.63. Following the completion of the sale, the director now owns 316,743 shares of the company’s stock, valued at $5,457,481.89. This represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christine Cournoyer sold 16,700 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $14.13, for a total transaction of $235,971.00. Following the completion of the transaction, the director now directly owns 37,045 shares in the company, valued at approximately $523,445.85. This represents a 31.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,382 shares of company stock valued at $934,509. 4.90% of the stock is currently owned by company insiders.

Institutional Trading of CareDx

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of CareDx by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 4,859,732 shares of the company’s stock worth $104,047,000 after buying an additional 323,554 shares during the period. Invesco Ltd. boosted its holdings in CareDx by 76.1% in the 1st quarter. Invesco Ltd. now owns 2,667,861 shares of the company’s stock worth $47,355,000 after acquiring an additional 1,153,011 shares during the period. Bamco Inc. NY grew its position in CareDx by 17.6% in the fourth quarter. Bamco Inc. NY now owns 2,207,299 shares of the company’s stock valued at $47,258,000 after acquiring an additional 330,627 shares in the last quarter. Fred Alger Management LLC raised its stake in shares of CareDx by 7.3% during the fourth quarter. Fred Alger Management LLC now owns 1,613,992 shares of the company’s stock valued at $34,556,000 after purchasing an additional 110,471 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of CareDx by 15.9% in the fourth quarter. Renaissance Technologies LLC now owns 1,432,198 shares of the company’s stock valued at $30,663,000 after purchasing an additional 196,298 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.