CareDx (NASDAQ:CDNA) Stock Price Target Raised at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised CareDx’s price target from $65 to $80 and maintained a “buy” rating, implying 25% upside from the prior close. However, the broader analyst consensus remains “Hold,” with an average target of $57.
• CareDx reported stronger-than-expected quarterly results, with earnings of $0.37 per share versus the $0.23 consensus estimate and revenue of $131.95 million, up 52.2% year over year.
• The stock opened at $64 and has risen substantially over the past year, trading between $14.03 and $72.51; meanwhile, two directors recently sold shares under disclosed transactions.

CareDx (NASDAQ:CDNA - Get Free Report) had its price objective raised by stock analysts at Canaccord Genuity Group from $65.00 to $80.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 25.00% from the stock's previous close.

CDNA has been the topic of a number of other research reports. William Blair upgraded shares of CareDx to a "hold" rating in a research report on Thursday, July 16th. Craig Hallum upgraded CareDx from a "hold" rating to a "buy" rating and set a $64.00 price target for the company in a report on Monday, August 3rd. HC Wainwright reissued a "neutral" rating and set a $46.00 price target on shares of CareDx in a research note on Friday, July 31st. BTIG Research raised their price objective on CareDx from $60.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, September 24th. Finally, Zacks Research cut CareDx from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $57.00.

CareDx Stock Performance

NASDAQ:CDNA opened at $64.00 on Monday. The firm has a 50-day moving average price of $55.03 and a two-hundred day moving average price of $36.27. CareDx has a twelve month low of $14.03 and a twelve month high of $72.51. The company has a market capitalization of $3.31 billion, a P/E ratio of 30.92 and a beta of 2.38.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%. The company had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. During the same quarter last year, the business posted ($0.16) earnings per share. CareDx's revenue was up 52.2% compared to the same quarter last year. On average, equities research analysts predict that CareDx will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In other CareDx news, Director George Bickerstaff, III sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total transaction of $925,600.00. Following the completion of the sale, the director directly owned 134,061 shares in the company, valued at $6,204,343.08. The trade was a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christine Cournoyer sold 16,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CareDx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNA. Nykredit A S bought a new position in CareDx during the 2nd quarter valued at $25,000. Integrated Wealth Concepts LLC acquired a new position in CareDx during the 2nd quarter worth $29,000. IFP Advisors Inc increased its position in shares of CareDx by 1,158.0% in the 3rd quarter. IFP Advisors Inc now owns 1,107 shares of the company's stock worth $72,000 after purchasing an additional 1,019 shares during the last quarter. USA Financial Formulas bought a new stake in shares of CareDx in the 3rd quarter worth about $97,000. Finally, Allworth Financial LP bought a new stake in shares of CareDx in the 2nd quarter worth about $72,000.

About CareDx

CareDx, Inc NASDAQ: CDNA is a precision-medicine company focused on improving the care of organ-transplant patients. The company develops diagnostic tests, digital tools and services designed to help clinicians monitor transplant recipients, assess the risk of rejection and support long-term graft management.

CareDx's product portfolio includes AlloMap, a gene-expression blood test used in heart-transplant surveillance, and AlloSure, a donor-derived cell-free DNA test designed to help detect potential organ injury or rejection.

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