CareDx (NASDAQ:CDNA) Shares Gap Up After Earnings Beat

CareDx, Inc. (NASDAQ:CDNA)’s stock price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $71.52, but opened at $80.62. CareDx shares last traded at $88.3730, with a volume of 653,182 shares changing hands.

The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.45. The company had revenue of $139.36 million during the quarter, compared to analyst estimates of $121.96 million. CareDx had a net margin of 24.23% and a return on equity of 2.87%. CareDx’s revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CDNA shares. Zacks Research lowered shares of CareDx from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. BTIG Research increased their target price on shares of CareDx from $81.00 to $92.00 and gave the stock a “buy” rating in a report on Friday. Canaccord Genuity Group set a $99.00 price target on shares of CareDx in a research report on Friday. Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Monday, August 3rd. Finally, HC Wainwright reaffirmed a “neutral” rating and issued a $46.00 price target on shares of CareDx in a research report on Friday, July 31st. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $64.40.

Insider Buying and Selling at CareDx

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

Hedge Funds Weigh In On CareDx

Several hedge funds have recently bought and sold shares of the company. Reyes Financial Architecture Inc. purchased a new stake in CareDx during the third quarter worth $50,000. Signaturefd LLC acquired a new stake in CareDx in the third quarter valued at $51,000. Nykredit A S purchased a new position in shares of CareDx in the second quarter valued at $25,000. Integrated Wealth Concepts LLC purchased a new position in shares of CareDx in the second quarter valued at $29,000. Finally, IFP Advisors Inc increased its position in shares of CareDx by 1,158.0% in the third quarter. IFP Advisors Inc now owns 1,107 shares of the company’s stock valued at $72,000 after buying an additional 1,019 shares in the last quarter.

CareDx Trading Up 21.6%

The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 42.03 and a beta of 2.38. The firm has a 50 day moving average price of $59.12 and a 200-day moving average price of $33.30.

CareDx Company Profile

CareDx, Inc is a healthcare diagnostics company focused on improving the care of organ-transplant patients. The company develops and commercializes noninvasive tests and digital tools intended to help physicians assess transplant-organ health, identify potential rejection, and support long-term patient management.

Its offerings include AlloSure donor-derived cell-free DNA tests for monitoring transplant recipients, AlloMap gene-expression testing for heart-transplant patients, and HeartCare, which combines AlloMap and AlloSure results.