CareDx (NASDAQ:CDNA) Price Target Raised to $80.00

CareDx (NASDAQ:CDNA) had its target price hoisted by Canaccord Genuity Group from $65.00 to $80.00 in a report issued on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. HC Wainwright reiterated a “neutral” rating and issued a $46.00 target price on shares of CareDx in a report on Friday, July 31st. BTIG Research raised their price objective on shares of CareDx from $60.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, September 24th. William Blair upgraded shares of CareDx to a “hold” rating in a research note on Thursday, July 16th. Zacks Research lowered shares of CareDx from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings upgraded shares of CareDx from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $57.00.

CareDx Stock Performance

Shares of NASDAQ CDNA opened at $70.74 on Monday. The company has a market capitalization of $3.66 billion, a P/E ratio of 407.06 and a beta of 2.38. The company’s 50 day moving average price is $56.34 and its 200-day moving average price is $37.35. CareDx has a 52-week low of $14.03 and a 52-week high of $72.71.

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

Insider Transactions at CareDx

In related news, Director George Bickerstaff, III sold 20,000 shares of the company’s stock in a transaction on 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 owned 134,061 shares in the company, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christine Cournoyer sold 16,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the sale, the director directly owned 42,943 shares of the company’s stock, valued at $2,015,744.42. The trade was a 27.14% decrease in their ownership of the stock. 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. 2.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CareDx

Large investors have recently bought and sold shares of the stock. Squarepoint Ops LLC grew its stake in shares of CareDx by 759.5% in the 2nd quarter. Squarepoint Ops LLC now owns 141,623 shares of the company’s stock worth $4,036,000 after acquiring an additional 125,146 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of CareDx in the second quarter valued at about $1,505,000. Corient Private Wealth LP purchased a new stake in shares of CareDx in the second quarter valued at about $654,000. Bank of New York Mellon Corp purchased a new stake in shares of CareDx in the second quarter valued at about $4,874,000. Finally, Man Group plc bought a new position in shares of CareDx during the second quarter valued at about $3,618,000.

About CareDx

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.