BTIG Research Issues Positive Forecast for CareDx (NASDAQ:CDNA) Stock Price

Key Points

• BTIG Research raised CareDx’s price target from $45 to $60 and maintained a “buy” rating, implying 31.87% potential upside from the prior close. However, analysts overall maintain a “hold” consensus with an average target of $47.75.
• CareDx reported stronger-than-expected quarterly results, with EPS of $0.37 versus the $0.23 consensus and revenue of $131.95 million, up 52.2% year over year.
• CareDx shares opened at $45.50, near their 52-week high of $49.76, while insiders sold 78,936 shares worth approximately $2.1 million over the past three months.

CareDx (NASDAQ:CDNA - Get Free Report) had its price objective lifted by equities researchers at BTIG Research from $45.00 to $60.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 31.87% from the company's previous close.

Other analysts also recently issued reports about the stock. William Blair upgraded shares of CareDx to a "hold" rating in a report on Thursday, July 16th. Weiss Ratings raised shares of CareDx from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. HC Wainwright restated a "neutral" rating and set a $46.00 price objective on shares of CareDx in a research report 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 report on Monday. Finally, Wall Street Zen upgraded CareDx from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 3rd. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $47.75.

CareDx Price Performance

CDNA stock opened at $45.50 on Thursday. CareDx has a 1-year low of $11.26 and a 1-year high of $49.76. The business has a 50 day simple moving average of $30.09 and a two-hundred day simple moving average of $23.18. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 21.98 and a beta of 2.39.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The firm had revenue of $131.95 million for the quarter, compared to analysts' expectations of $114.05 million. During the same quarter last year, the business posted ($0.16) earnings per share. The company's revenue for the quarter was up 52.2% compared to the same quarter last year. Sell-side analysts anticipate that CareDx will post 0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other CareDx news, Director Hannah Valantine sold 12,103 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $23.11, for a total transaction of $279,700.33. Following the completion of the transaction, the director owned 36,686 shares in the company, valued at $847,813.46. This trade represents a 24.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the transaction, the chief executive officer owned 661,959 shares of the company's stock, valued at $19,355,681.16. This trade represents a 5.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 78,936 shares of company stock valued at $2,093,708. 2.40% of the stock is currently owned by insiders.

Institutional Trading of CareDx

Several hedge funds have recently made changes to their positions in the business. Aberdeen Group plc bought a new position in CareDx during the 4th quarter valued at about $6,506,000. Fidelis Capital Partners LLC bought a new position in shares of CareDx during the fourth quarter valued at approximately $420,000. Globeflex Capital L P raised its holdings in shares of CareDx by 49.4% in the first quarter. Globeflex Capital L P now owns 119,252 shares of the company's stock worth $2,070,000 after buying an additional 39,457 shares during the period. First Eagle Investment Management LLC lifted its stake in shares of CareDx by 15.1% during the 4th quarter. First Eagle Investment Management LLC now owns 546,722 shares of the company's stock worth $10,300,000 after acquiring an additional 71,576 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of CareDx by 44.0% during the 4th quarter. Legal & General Group Plc now owns 230,482 shares of the company's stock worth $4,342,000 after acquiring an additional 70,480 shares during the last quarter.

About CareDx

CareDx, Inc NASDAQ: CDNA is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company's core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.

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