CareDx (NASDAQ:CDNA) Announces Earnings Results

CareDx (NASDAQ:CDNA) issued its quarterly earnings results on Monday. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.11, Briefing.com reports. The business had revenue of $82.88 million for the quarter, compared to analysts’ expectations of $80.04 million. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The company’s revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.43) EPS. CareDx updated its FY 2024 guidance to EPS.

CareDx Trading Up 3.3 %

NASDAQ:CDNA traded up $0.75 during midday trading on Wednesday, hitting $23.65. 163,886 shares of the company traded hands, compared to its average volume of 898,687. The firm has a market capitalization of $1.25 billion, a P/E ratio of -8.48 and a beta of 1.80. The firm’s fifty day moving average is $27.70 and its 200-day moving average is $20.96. CareDx has a 12-month low of $6.11 and a 12-month high of $34.84.

Insiders Place Their Bets

In other news, insider Alexander L. Johnson sold 21,557 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $9,284,746.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Alexander L. Johnson sold 21,557 shares of CareDx stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total transaction of $702,327.06. Following the completion of the sale, the insider now directly owns 284,983 shares in the company, valued at approximately $9,284,746.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Maag sold 35,552 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the completion of the transaction, the director now owns 330,024 shares in the company, valued at approximately $10,903,992.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,340 shares of company stock valued at $3,025,415 over the last three months. 4.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CDNA. The Goldman Sachs Group lifted their target price on shares of CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. BTIG Research lowered their price objective on CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday. StockNews.com upgraded CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company started coverage on CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price target for the company. Finally, HC Wainwright reissued a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

CareDx Company Profile

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.