CareDx, Inc (NASDAQ:CDNA) Receives Average Rating of “Buy” from Brokerages

CareDx, Inc (NASDAQ:CDNA) has received a consensus recommendation of “Buy” from the eight analysts that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $104.40.

A number of research firms recently issued reports on CDNA. Zacks Investment Research raised shares of CareDx from a “sell” rating to a “hold” rating in a report on Tuesday, August 31st. Piper Sandler lifted their price target on shares of CareDx from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, July 30th. The Goldman Sachs Group started coverage on shares of CareDx in a research report on Thursday, June 3rd. They set a “buy” rating and a $95.00 price objective on the stock. Raymond James lifted their price objective on shares of CareDx from $90.00 to $108.00 and gave the company a “strong-buy” rating in a research report on Monday, June 28th. Finally, BTIG Research started coverage on shares of CareDx in a research report on Tuesday, July 20th. They set a “buy” rating and a $115.00 price objective on the stock.

In related news, insider Peter Maag sold 9,605 shares of the company’s stock in a transaction dated Thursday, June 24th. The shares were sold at an average price of $95.30, for a total value of $915,356.50. Following the completion of the sale, the insider now directly owns 372,258 shares of the company’s stock, valued at $35,476,187.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Reginald Seeto sold 13,212 shares of the company’s stock in a transaction dated Monday, June 28th. The stock was sold at an average price of $95.75, for a total transaction of $1,265,049.00. Following the completion of the sale, the insider now directly owns 135,618 shares of the company’s stock, valued at $12,985,423.50. The disclosure for this sale can be found here. Insiders have sold 59,469 shares of company stock valued at $5,221,651 over the last three months. Insiders own 4.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CDNA. Macquarie Group Ltd. increased its holdings in CareDx by 62,172.0% in the 2nd quarter. Macquarie Group Ltd. now owns 1,442,843 shares of the company’s stock worth $132,049,000 after buying an additional 1,440,526 shares during the period. Matrix Capital Management Company LP acquired a new position in CareDx in the 1st quarter worth approximately $97,982,000. Millennium Management LLC increased its holdings in CareDx by 996.9% in the 2nd quarter. Millennium Management LLC now owns 544,162 shares of the company’s stock worth $49,802,000 after buying an additional 494,554 shares during the period. Clearbridge Investments LLC increased its holdings in CareDx by 39.9% in the 1st quarter. Clearbridge Investments LLC now owns 1,508,384 shares of the company’s stock worth $102,706,000 after buying an additional 430,407 shares during the period. Finally, ARK Investment Management LLC increased its holdings in CareDx by 9.8% in the 1st quarter. ARK Investment Management LLC now owns 4,460,824 shares of the company’s stock worth $303,738,000 after buying an additional 398,502 shares during the period.

NASDAQ:CDNA traded up $0.83 on Thursday, reaching $67.34. 326,301 shares of the stock traded hands, compared to its average volume of 640,707. The company’s fifty day simple moving average is $77.66 and its 200 day simple moving average is $77.32. CareDx has a 12 month low of $30.27 and a 12 month high of $99.83. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -374.11 and a beta of 0.61.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Thursday, July 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05. The company had revenue of $74.19 million for the quarter, compared to the consensus estimate of $68.02 million. CareDx had a negative net margin of 3.53% and a negative return on equity of 2.39%. As a group, research analysts predict that CareDx will post -0.35 EPS for the current fiscal year.

CareDx Company Profile

CareDx, Inc operates as a transplant diagnostics company, which discovers, develops and commercializes diagnostic solutions. Its product includes AlloMap, AlloSure and Laboratory products. The company was founded on December 21, 1998 and is headquartered in South San Francisco, CA.

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Analyst Recommendations for CareDx (NASDAQ:CDNA)

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