CareDx (NASDAQ:CDNA) Trading 15.3% Higher – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA)’s share price was up 15.3% during trading on Monday . The stock traded as high as $19.84 and last traded at $19.7590. Approximately 210,640 shares traded hands during trading, a decline of 75% from the average daily volume of 842,908 shares. The stock had previously closed at $17.13.

Analysts Set New Price Targets

CDNA has been the subject of several recent analyst reports. Wall Street Zen upgraded CareDx from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. BTIG Research increased their price target on CareDx from $22.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Wells Fargo & Company lifted their price target on shares of CareDx from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, December 15th. Zacks Research raised shares of CareDx from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of CareDx in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, CareDx presently has an average rating of “Hold” and an average price target of $26.67.

CareDx Trading Up 20.1%

The stock has a market capitalization of $1.06 billion, a P/E ratio of 17.29 and a beta of 2.49. The business’s fifty day simple moving average is $18.00 and its two-hundred day simple moving average is $15.79.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.15. CareDx had a net margin of 19.65% and a return on equity of 20.15%. The business had revenue of $100.06 million during the quarter, compared to analyst estimates of $95.25 million. During the same quarter in the prior year, the business earned ($0.14) earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities research analysts anticipate that CareDx, Inc. will post -0.9 earnings per share for the current year.

Institutional Trading of CareDx

A number of institutional investors and hedge funds have recently modified their holdings of CDNA. Deerfield Management Company L.P. acquired a new stake in CareDx during the third quarter worth $31,857,000. Braidwell LP bought a new position in shares of CareDx during the 3rd quarter worth about $31,738,000. Next Century Growth Investors LLC boosted its position in shares of CareDx by 309.4% during the 2nd quarter. Next Century Growth Investors LLC now owns 1,125,454 shares of the company’s stock valued at $21,991,000 after acquiring an additional 850,580 shares in the last quarter. Bamco Inc. NY boosted its position in shares of CareDx by 29.5% during the 3rd quarter. Bamco Inc. NY now owns 3,155,180 shares of the company’s stock valued at $45,876,000 after acquiring an additional 719,523 shares in the last quarter. Finally, Amova Asset Management Americas Inc. increased its stake in CareDx by 40.8% in the third quarter. Amova Asset Management Americas Inc. now owns 1,740,064 shares of the company’s stock valued at $25,283,000 after acquiring an additional 504,473 shares during the period.

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.