CareDx (NASDAQ:CDNA) Coverage Initiated by Analysts at Piper Sandler

Key Points

• Piper Sandler initiated coverage of CareDx with an “overweight” rating and a $100 price target, implying 23.8% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $70.33.
• CareDx reported quarterly EPS of $0.70, beating the $0.25 consensus estimate, while revenue of $139.36 million exceeded expectations and rose 39.3% year over year.
• CFO Keith Kennedy sold 61,961 shares for about $4.82 million under a pre-arranged Rule 10b5-1 plan, reducing his position by 23.73%.

Piper Sandler started coverage on shares of CareDx (NASDAQ:CDNA - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set an "overweight" rating and a $100.00 price target on the stock. Piper Sandler's price target suggests a potential upside of 23.81% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. HC Wainwright reiterated a "neutral" rating and set a $46.00 price objective on shares of CareDx in a research note on Friday, July 31st. Craig Hallum raised CareDx from a "hold" rating to a "buy" rating and set a $64.00 target price on the stock in a research report on Monday, August 3rd. BTIG Research raised their target price on CareDx from $81.00 to $92.00 and gave the stock a "buy" rating in a research note on Friday, October 30th. Weiss Ratings upgraded CareDx from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Finally, Zacks Research raised CareDx from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, CareDx currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.33.

CareDx Stock Down 4.3%

CDNA opened at $80.77 on Wednesday. The company has a market cap of $4.24 billion, a P/E ratio of 33.80 and a beta of 2.50. The firm's 50-day moving average price is $64.53 and its 200-day moving average price is $35.82. CareDx has a 52-week low of $15.15 and a 52-week high of $90.87.

CareDx (NASDAQ:CDNA - Get Free Report) last released its earnings results on Thursday, October 29th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.45. The company had revenue of $139.36 million during the quarter, compared to analysts' expectations of $121.96 million. CareDx had a net margin of 25.86% and a return on equity of 9.74%. CareDx's revenue for the quarter was up 39.3% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. On average, research analysts anticipate that CareDx will post 0.99 EPS for the current fiscal year.

Insider Transactions at CareDx

In other CareDx news, CFO Keith Kennedy sold 61,961 shares of CareDx stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $77.82, for a total transaction of $4,821,805.02. Following the completion of the sale, the chief financial officer directly owned 199,147 shares in the company, valued at approximately $15,497,619.54. The trade was a 23.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. boosted its holdings in CareDx by 2,721.2% in the third quarter. Meeder Asset Management Inc. now owns 23,416 shares of the company's stock valued at $1,522,000 after purchasing an additional 22,586 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of CareDx by 11,955.6% during the 3rd quarter. Global Retirement Partners LLC now owns 1,085 shares of the company's stock valued at $71,000 after buying an additional 1,076 shares during the last quarter. HighTower Advisors LLC acquired a new position in shares of CareDx in the 3rd quarter valued at about $421,000. Thoroughbred Financial Services LLC acquired a new position in shares of CareDx in the 3rd quarter valued at about $751,000. Finally, Virtus Advisers LLC lifted its holdings in shares of CareDx by 5.8% in the 3rd quarter. Virtus Advisers LLC now owns 44,475 shares of the company's stock valued at $2,891,000 after buying an additional 2,429 shares during the period.

CareDx Company Profile

CareDx, Inc. is a precision medicine company focused on organ transplantation. It develops and provides diagnostic tests and related services to help clinicians assess transplant recipients and monitor their health over time. Its offerings include AlloSure, a donor-derived cell-free DNA test used to help monitor for organ rejection, and AlloMap, a gene-expression test used in heart transplant care. CareDx also provides histocompatibility testing, clinical tools, and services designed to support patients and transplant care teams.

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