CareDx (NASDAQ:CDNA) Hits New 1-Year High – Here’s Why

CareDx, Inc. (NASDAQ:CDNA)’s stock price reached a new 52-week high during mid-day trading on Monday. The company traded as high as $65.50 and last traded at $64.6210, with a volume of 421605 shares trading hands. The stock had previously closed at $63.68.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Monday, August 3rd. Zacks Research raised CareDx from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. HC Wainwright reaffirmed a “neutral” rating and set a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Canaccord Genuity Group began coverage on CareDx in a research report on Wednesday, September 2nd. They set a “buy” rating and a $65.00 target price on the stock. Finally, BTIG Research upped their price target on CareDx from $60.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

CareDx Trading Up 0.3%

The company has a market cap of $3.31 billion, a price-to-earnings ratio of 30.87 and a beta of 2.43. The company’s 50 day moving average price is $47.78 and its 200 day moving average price is $31.24.

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

Insider Transactions at CareDx

In other CareDx news, Director George Bickerstaff, III sold 20,000 shares of CareDx stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total transaction of $925,600.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Christine Cournoyer sold 16,000 shares of CareDx stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total transaction of $751,040.00. Following the sale, the director owned 42,943 shares in the company, valued at $2,015,744.42. This represents a 27.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is currently owned by corporate insiders.

Institutional Trading of CareDx

Several hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new position in shares of CareDx during the second quarter valued at $29,000. Squarepoint Ops LLC grew its position in CareDx by 759.5% during the 2nd quarter. Squarepoint Ops LLC now owns 141,623 shares of the company’s stock worth $4,036,000 after purchasing an additional 125,146 shares in the last quarter. Nykredit A S acquired a new stake in CareDx during the 2nd quarter worth about $25,000. Corient Private Wealth LP purchased a new position in shares of CareDx during the 2nd quarter valued at $697,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of CareDx in the 2nd quarter valued at approximately $668,000.

CareDx Company Profile

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.