CareDx (NASDAQ:CDNA) Rating Lowered to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen downgraded CareDx from “strong buy” to “buy,” while the broader analyst consensus remains “hold” with an average price target of $64.40.
• CareDx shares rose 22.2% to $87.41, near their 52-week high, giving the company a $4.52 billion market capitalization and a price-to-earnings ratio of 108.36.
• The company reported stronger-than-expected quarterly results, with EPS of $0.70 versus estimates of $0.25 and revenue of $139.36 million, up 39.3% year over year.

CareDx (NASDAQ:CDNA - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Other research analysts have also issued research reports about the stock. Canaccord Genuity Group set a $99.00 price objective on shares of CareDx in a research report on Friday. William Blair raised CareDx to a "hold" rating in a research report on Thursday, July 16th. Weiss Ratings upgraded CareDx from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Craig Hallum upgraded CareDx from a "hold" rating to a "buy" rating and set a $64.00 price objective for the company in a research report on Monday, August 3rd. Finally, HC Wainwright reissued a "neutral" rating and set a $46.00 price objective on shares of CareDx in a report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $64.40.

CareDx Trading Up 22.2%

CDNA opened at $87.41 on Friday. CareDx has a 1-year low of $14.27 and a 1-year high of $90.87. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 108.36 and a beta of 2.38. The business has a 50 day moving average of $59.93 and a 200-day moving average of $33.63.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.45. CareDx had a net margin of 25.86% and a return on equity of 10.58%. The business had revenue of $139.36 million for the quarter, compared to analyst estimates of $121.96 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. CareDx's revenue was up 39.3% compared to the same quarter last year. Equities analysts predict that CareDx will post 0.47 EPS for the current year.

Insider Transactions at CareDx

In related news, Director George Bickerstaff, III sold 20,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the transaction, the director owned 134,061 shares of the company's stock, valued at $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christine Cournoyer sold 16,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total transaction of $751,040.00. Following the transaction, the director owned 42,943 shares of the company's stock, valued at approximately $2,015,744.42. This represents a 27.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.40% of the company's stock.

Institutional Trading of CareDx

Several institutional investors have recently bought and sold shares of the stock. Reyes Financial Architecture Inc. bought a new stake in shares of CareDx during the third quarter worth $50,000. Signaturefd LLC bought a new position in shares of CareDx in the third quarter valued at about $51,000. Nykredit A S bought a new position in shares of CareDx in the second quarter valued at about $25,000. Integrated Wealth Concepts LLC bought a new position in shares of CareDx in the second quarter valued at about $29,000. Finally, IFP Advisors Inc lifted its position in CareDx by 1,158.0% during the 3rd quarter. IFP Advisors Inc now owns 1,107 shares of the company's stock worth $72,000 after buying an additional 1,019 shares in the last quarter.

CareDx Company Profile

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.

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