BTIG Research Reiterates Buy Rating for CareDx (NASDAQ:CDNA)

Key Points

• BTIG Research has reiterated a buy rating for CareDx with a price target of $22.00, indicating a potential upside of 46.76% from current levels.
• CareDx's stock recently opened at $14.99, with a 52-week range of $10.96 to $32.97, and a current market capitalization of $797.92 million.
• The company reported a quarterly loss of ($0.16) earnings per share, falling short of the consensus estimate of $0.12, with revenue declining by 6.1% year-over-year.

CareDx (NASDAQ:CDNA - Get Free Report)'s stock had its "buy" rating restated by BTIG Research in a report released on Tuesday,Benzinga reports. They currently have a $22.00 price objective on the stock. BTIG Research's target price would indicate a potential upside of 46.76% from the company's current price.

Several other analysts also recently issued reports on CDNA. Wall Street Zen downgraded CareDx from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Craig Hallum dropped their target price on CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Wells Fargo & Company dropped their target price on CareDx from $19.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. Finally, William Blair started coverage on CareDx in a research note on Tuesday, August 26th. They issued a "market perform" rating for the company. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $25.50.

CareDx Stock Up 2.7%

Shares of NASDAQ:CDNA opened at $14.99 on Tuesday. CareDx has a 52-week low of $10.96 and a 52-week high of $32.97. The stock's fifty day simple moving average is $13.20 and its 200-day simple moving average is $16.40. The company has a market capitalization of $797.92 million, a P/E ratio of 14.70 and a beta of 2.28.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.28). CareDx had a net margin of 17.97% and a return on equity of 18.03%. The company had revenue of $90.51 million during the quarter, compared to analysts' expectations of $90.72 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. The firm's revenue was down 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that CareDx will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other CareDx news, Director Peter Maag sold 10,000 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $18.58, for a total transaction of $185,800.00. Following the transaction, the director owned 308,846 shares of the company's stock, valued at $5,738,358.68. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. MCF Advisors LLC raised its position in shares of CareDx by 292.9% during the 2nd quarter. MCF Advisors LLC now owns 1,336 shares of the company's stock worth $26,000 after purchasing an additional 996 shares during the period. Allworth Financial LP acquired a new stake in shares of CareDx during the 2nd quarter worth approximately $40,000. State of Wyoming acquired a new stake in shares of CareDx during the 4th quarter worth approximately $91,000. PNC Financial Services Group Inc. raised its position in shares of CareDx by 20,200.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,466 shares of the company's stock worth $79,000 after purchasing an additional 4,444 shares during the period. Finally, Morse Asset Management Inc acquired a new stake in shares of CareDx during the 1st quarter worth approximately $103,000.

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.

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