Zacks Investment Research downgraded shares of CareDx, Inc. (NASDAQ:CDNA) from a buy rating to a hold rating in a report published on Monday morning.
According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “
Separately, ValuEngine upgraded shares of CareDx from a strong sell rating to a sell rating in a research report on Thursday, August 24th.
Shares of CareDx (NASDAQ:CDNA) opened at 2.73 on Monday. The firm’s 50-day moving average price is $2.14 and its 200-day moving average price is $1.50. The firm’s market capitalization is $61.54 million. CareDx has a one year low of $0.76 and a one year high of $4.66.
CareDx (NASDAQ:CDNA) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.19). CareDx had a negative net margin of 61.27% and a negative return on equity of 85.68%. The firm had revenue of $12.05 million for the quarter, compared to analysts’ expectations of $11.87 million. On average, equities analysts forecast that CareDx will post ($0.82) earnings per share for the current year.
In related news, major shareholder Neil Gagnon purchased 63,120 shares of CareDx stock in a transaction that occurred on Friday, June 23rd. The shares were bought at an average price of $1.10 per share, for a total transaction of $69,432.00. Following the completion of the transaction, the insider now directly owns 886,216 shares of the company’s stock, valued at $974,837.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 130,802 shares of company stock worth $257,457 in the last quarter. 5.40% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Stonepine Capital Management LLC purchased a new position in shares of CareDx during the second quarter valued at about $212,000. Royce & Associates LP increased its position in shares of CareDx by 39.3% during the second quarter. Royce & Associates LP now owns 733,287 shares of the company’s stock valued at $814,000 after buying an additional 206,815 shares during the period. Finally, Gagnon Securities LLC increased its position in shares of CareDx by 2.9% during the second quarter. Gagnon Securities LLC now owns 2,084,292 shares of the company’s stock valued at $2,314,000 after buying an additional 57,954 shares during the period. Institutional investors own 29.15% of the company’s stock.
CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.
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