CareDx (NASDAQ:CDNA) Hits New 12-Month High – Time to Buy?

CareDx, Inc. (NASDAQ:CDNA) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $50.19 and last traded at $49.5460, with a volume of 609071 shares. The stock had previously closed at $47.50.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Craig Hallum raised CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Monday, August 3rd. BTIG Research raised their price objective on shares of CareDx from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. HC Wainwright reaffirmed a “neutral” rating and set a $46.00 price target on shares of CareDx in a research note on Friday, July 31st. William Blair upgraded shares of CareDx to a “hold” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings raised shares of CareDx from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.75.

CareDx Stock Up 4.9%

The company has a market cap of $2.58 billion, a price-to-earnings ratio of 24.14 and a beta of 2.38. The company has a fifty day simple moving average of $36.31 and a two-hundred day simple moving average of $25.58.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The business had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. During the same quarter in the previous year, the company posted ($0.16) EPS. The business’s revenue was up 52.2% on a year-over-year basis. On average, research analysts predict that CareDx, Inc. will post 0.47 EPS for the current year.

Insider Buying and Selling at CareDx

In other news, Director George Bickerstaff sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the sale, the director directly owned 134,061 shares in the company, valued at $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hannah Valantine sold 12,103 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the transaction, the director directly owned 36,686 shares of the company’s stock, valued at approximately $847,813.46. This trade represents a 24.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 114,936 shares of company stock valued at $3,770,348. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On CareDx

A number of large investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in CareDx by 3,285.7% during the second quarter. California State Teachers Retirement System now owns 1,554,134 shares of the company’s stock worth $44,293,000 after buying an additional 1,508,231 shares in the last quarter. Nykredit A S purchased a new stake in shares of CareDx in the second quarter valued at $25,000. Hsbc Holdings PLC boosted its stake in shares of CareDx by 411.2% during the second quarter. Hsbc Holdings PLC now owns 196,250 shares of the company’s stock valued at $5,591,000 after acquiring an additional 157,863 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of CareDx by 3.0% during the second quarter. Wellington Management Group LLP now owns 149,987 shares of the company’s stock valued at $4,275,000 after acquiring an additional 4,307 shares during the last quarter. Finally, Palo Alto Investors LP purchased a new stake in CareDx during the 2nd quarter worth about $15,158,295,000.

About CareDx

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.