Zacks Research Upgrades CareDx (NASDAQ:CDNA) to “Strong-Buy”

CareDx (NASDAQ:CDNA) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks reports.

Several other equities analysts also recently issued reports on CDNA. HC Wainwright reiterated a “neutral” rating and issued a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Weiss Ratings upgraded CareDx from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. BTIG Research raised their target price on CareDx from $81.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, October 30th. William Blair raised CareDx to a “hold” rating in a report on Thursday, July 16th. Finally, Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.40.

CareDx Price Performance

Shares of NASDAQ:CDNA traded up $2.23 during trading on Thursday, reaching $78.56. The stock had a trading volume of 1,126,156 shares, compared to its average volume of 1,463,576. CareDx has a 52 week low of $14.72 and a 52 week high of $90.87. The business’s 50-day moving average price is $63.23 and its 200 day moving average price is $35.20. The stock has a market capitalization of $4.13 billion, a PE ratio of 32.87 and a beta of 2.51.

CareDx (NASDAQ:CDNA) last announced its earnings results on Thursday, October 29th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.25 by $0.45. The business had revenue of $139.36 million for the quarter, compared to the consensus estimate of $121.96 million. CareDx had a return on equity of 9.74% and a net margin of 25.86%. CareDx’s revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. Analysts forecast that CareDx will post 0.99 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of CareDx by 10.8% during the third quarter. GAMMA Investing LLC now owns 2,660 shares of the company’s stock worth $173,000 after acquiring an additional 259 shares during the last quarter. Reyes Financial Architecture Inc. acquired a new position in shares of CareDx during the third quarter valued at $50,000. Signaturefd LLC acquired a new position in shares of CareDx during the third quarter valued at $51,000. Nykredit A S acquired a new position in shares of CareDx during the second quarter valued at $25,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in CareDx by 4.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 23,000 shares of the company’s stock valued at $1,523,000 after acquiring an additional 961 shares during the last quarter.

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.