CareDx (NASDAQ:CDNA) Sets New 12-Month High – Here’s Why

CareDx, Inc. (NASDAQ:CDNA)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $50.19 and last traded at $49.5460, with a volume of 609071 shares trading hands. The stock had previously closed at $47.50.

Wall Street Analysts Forecast Growth

CDNA has been the topic of a number of research analyst reports. Zacks Research raised CareDx from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 6th. Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Weiss Ratings upgraded CareDx from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. William Blair raised CareDx to a “hold” rating in a research note on Thursday, July 16th. Finally, Craig Hallum upgraded CareDx from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, CareDx has a consensus rating of “Moderate Buy” and a consensus target price of $47.75.

CareDx Price Performance

The stock’s 50 day moving average is $36.31 and its two-hundred day moving average is $25.58. The stock has a market capitalization of $2.58 billion, a PE ratio of 24.14 and a beta of 2.38.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The company had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. The firm’s quarterly revenue was up 52.2% on a year-over-year basis. On average, equities analysts predict that CareDx, Inc. will post 0.47 earnings per share for the current year.

Insider Activity

In other CareDx news, Director George Bickerstaff sold 20,000 shares of CareDx stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total transaction of $925,600.00. Following the completion of the sale, the director directly owned 134,061 shares of the company’s stock, valued at $6,204,343.08. The trade was a 12.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hannah Valantine sold 12,103 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $23.11, for a total value of $279,700.33. Following the transaction, the director directly owned 36,686 shares of the company’s stock, valued at approximately $847,813.46. This represents a 24.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 114,936 shares of company stock worth $3,770,348. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CareDx

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in CareDx during the second quarter worth approximately $137,219,000. State Street Corp raised its position in CareDx by 6.7% in the 4th quarter. State Street Corp now owns 2,737,752 shares of the company’s stock valued at $51,579,000 after purchasing an additional 171,303 shares during the last quarter. Bamco Inc. NY boosted its stake in CareDx by 11.2% during the 2nd quarter. Bamco Inc. NY now owns 2,435,657 shares of the company’s stock worth $47,593,000 after purchasing an additional 245,651 shares during the period. Deerfield Management Company L.P. acquired a new stake in CareDx during the 3rd quarter worth $31,857,000. Finally, Gagnon Securities LLC grew its position in CareDx by 2.6% during the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company’s stock worth $33,439,000 after purchasing an additional 45,465 shares during the last quarter.

CareDx Company Profile

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.