CareDx (NASDAQ:CDNA) Stock Price Up 6% – Time to Buy?

CareDx, Inc. (NASDAQ:CDNA)’s stock price rose 6% during mid-day trading on Tuesday. The company traded as high as $66.60 and last traded at $66.9260. Approximately 596,875 shares changed hands during trading, a decline of 36% from the average session volume of 935,254 shares. The stock had previously closed at $63.12.

Analyst Ratings Changes

Several research analysts have commented on CDNA shares. Zacks Research lowered CareDx from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. BTIG Research increased their price objective on CareDx from $60.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 24th. Canaccord Genuity Group assumed coverage on shares of CareDx in a research report on Wednesday, September 2nd. They set a “buy” rating and a $65.00 target price on the stock. Weiss Ratings raised shares of CareDx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday. Finally, Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $54.00.

CareDx Price Performance

The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 31.99 and a beta of 2.38. The firm’s 50 day moving average price is $53.50 and its two-hundred day moving average price is $34.92.

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 analysts’ consensus estimates of $0.23 by $0.14. The firm had revenue of $131.95 million for the quarter, compared to analyst estimates of $114.05 million. CareDx had a return on equity of 2.87% and a net margin of 24.23%. The business’s revenue was up 52.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) earnings per share. On average, analysts anticipate that CareDx, Inc. will post 0.47 earnings per share for the current year.

Insider Activity at CareDx

In other CareDx news, Director Christine Cournoyer sold 16,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total transaction of $751,040.00. Following the completion of the sale, the director directly owned 42,943 shares of the company’s stock, valued at approximately $2,015,744.42. This trade represents a 27.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of CareDx 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 completion of the transaction, the director owned 134,061 shares in the company, valued at $6,204,343.08. This trade represents a 12.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CareDx

Several hedge funds have recently modified their holdings of the stock. Nykredit A S purchased a new position in CareDx in the 2nd quarter valued at $25,000. Integrated Wealth Concepts LLC acquired a new position in CareDx in the 2nd quarter valued at $29,000. Allworth Financial LP purchased a new position in CareDx during the 2nd quarter worth $72,000. GAMMA Investing LLC raised its position in CareDx by 10.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,660 shares of the company’s stock worth $173,000 after buying an additional 259 shares during the last quarter. Finally, State of Wyoming purchased a new position in CareDx during the 2nd quarter worth $227,000.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision-medicine company focused on improving the care of organ-transplant patients. The company develops diagnostic tests, digital tools and services designed to help clinicians monitor transplant recipients, assess the risk of rejection and support long-term graft management.

CareDx’s product portfolio includes AlloMap, a gene-expression blood test used in heart-transplant surveillance, and AlloSure, a donor-derived cell-free DNA test designed to help detect potential organ injury or rejection.