Craig Hallum Reaffirms Buy Rating for CareDx, Inc. (CDNA)

Craig Hallum reiterated their buy rating on shares of CareDx, Inc. (NASDAQ:CDNA) in a research note issued to investors on Monday, October 9th. Craig Hallum currently has a $10.00 price target on the stock, up from their prior price target of $4.00.

CDNA has been the subject of several other research reports. Zacks Investment Research cut CareDx from a buy rating to a hold rating in a research note on Monday, September 11th. Raymond James Financial, Inc. raised CareDx from a market perform rating to a buy rating and set a $6.50 price target for the company in a research note on Wednesday, September 27th. ValuEngine raised CareDx from a strong sell rating to a sell rating in a research note on Tuesday, September 26th. Finally, Piper Jaffray Companies reaffirmed an overweight rating and set a $7.00 target price (up previously from $3.00) on shares of CareDx in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $6.69.

Shares of CareDx (NASDAQ CDNA) opened at 5.85 on Monday. The stock has a 50 day moving average of $4.10 and a 200 day moving average of $2.00. CareDx has a 12-month low of $0.76 and a 12-month high of $6.69. The company’s market cap is $131.86 million.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($0.19) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.19). The firm had revenue of $12.05 million during the quarter, compared to the consensus estimate of $11.87 million. CareDx had a negative return on equity of 85.68% and a negative net margin of 61.27%. Equities research analysts predict that CareDx will post ($0.82) earnings per share for the current fiscal year.

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In other news, major shareholder Neil Gagnon bought 10,642 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were bought at an average cost of $4.00 per share, with a total value of $42,568.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders purchased 76,516 shares of company stock valued at $228,586. Company insiders own 5.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of CDNA. Trellus Management Company LLC acquired a new position in shares of CareDx during the 3rd quarter valued at about $100,000. Stonepine Capital Management LLC acquired a new stake in CareDx in the 2nd quarter valued at approximately $212,000. Royce & Associates LP grew its holdings in CareDx by 39.3% in the 2nd 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 last quarter. Finally, Gagnon Securities LLC grew its holdings in CareDx by 2.9% in the 2nd 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 last quarter. 25.51% of the stock is currently owned by institutional investors.

About CareDx

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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