CareDx, Inc (NASDAQ:CDNA) Short Interest Up 27.2% in December

CareDx, Inc (NASDAQ:CDNA) was the target of a significant increase in short interest in December. As of December 31st, there was short interest totalling 3,970,000 shares, an increase of 27.2% from the December 15th total of 3,120,000 shares. Based on an average trading volume of 811,600 shares, the short-interest ratio is presently 4.9 days. Approximately 7.9% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of brokerages recently commented on CDNA. The Goldman Sachs Group boosted their price objective on shares of CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and lowered their price objective for the company from $28.00 to $24.00 in a research report on Wednesday. BTIG Research decreased their target price on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. HC Wainwright reissued a “neutral” rating and issued a $26.00 target price on shares of CareDx in a research report on Tuesday. Finally, StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, CareDx presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Insider Transactions at CareDx

In related news, Director Peter Maag sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total transaction of $125,000.00. Following the transaction, the director now directly owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. The trade was a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.90% 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. Millennium Management LLC raised its stake in shares of CareDx by 1,085.4% in the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock valued at $33,248,000 after buying an additional 1,960,308 shares in the last quarter. Fred Alger Management LLC raised its stake in shares of CareDx by 517.9% in the 2nd quarter. Fred Alger Management LLC now owns 1,149,602 shares of the company’s stock valued at $17,853,000 after buying an additional 963,554 shares in the last quarter. FMR LLC raised its stake in shares of CareDx by 802.4% in the 3rd quarter. FMR LLC now owns 625,550 shares of the company’s stock valued at $19,533,000 after buying an additional 556,230 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of CareDx in the 3rd quarter valued at $10,873,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of CareDx by 78.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company’s stock valued at $21,760,000 after buying an additional 306,222 shares in the last quarter.

CareDx Stock Performance

Shares of CareDx stock traded down $0.62 on Friday, reaching $21.44. The stock had a trading volume of 872,198 shares, compared to its average volume of 594,464. The business’s 50-day moving average price is $22.90 and its two-hundred day moving average price is $24.46. CareDx has a fifty-two week low of $7.42 and a fifty-two week high of $34.84. The stock has a market cap of $1.15 billion, a P/E ratio of -7.94 and a beta of 1.86.

CareDx (NASDAQ:CDNA) last released its earnings results on Monday, November 4th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.11. The firm had revenue of $82.88 million during the quarter, compared to analysts’ expectations of $80.04 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.43) EPS. As a group, equities analysts forecast that CareDx will post -0.7 earnings per share for the current fiscal year.

About CareDx

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.