Wells Fargo & Company Lowers CareDx (NASDAQ:CDNA) Price Target to $14.00

Key Points

• Wells Fargo has reduced the price target for CareDx (NASDAQ:CDNA) from $19.00 to $14.00, suggesting a potential upside from the company's previous close despite maintaining an "equal weight" rating on the stock.
• Other analysts have varied opinions, with Goldman Sachs lowering their target from $34.00 to $26.00 but maintaining a "buy" rating, while Wall Street Zen has shifted their rating from "hold" to "sell."
• CareDx reported a loss of $0.16 EPS for the latest quarter, missing expectations, and experienced a 6.1% revenue decline compared to the previous year.

CareDx (NASDAQ:CDNA - Free Report) had its price target trimmed by Wells Fargo & Company from $19.00 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities analysts also recently weighed in on the company. Craig Hallum dropped their target price on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Friday, July 18th. The Goldman Sachs Group dropped their price objective on CareDx from $34.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Stephens restated an "overweight" rating and issued a $40.00 price objective on shares of CareDx in a report on Monday, May 5th. HC Wainwright restated a "neutral" rating and issued a $25.00 price objective on shares of CareDx in a report on Monday, May 5th. Finally, Wall Street Zen downgraded CareDx from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $27.67.

CareDx Stock Down 1.7%

Shares of CDNA traded down $0.20 during trading hours on Friday, reaching $11.77. The company's stock had a trading volume of 1,163,390 shares, compared to its average volume of 2,432,435. The firm has a market cap of $626.52 million, a price-to-earnings ratio of 11.54 and a beta of 2.22. CareDx has a 1-year low of $10.96 and a 1-year high of $34.84. The company has a 50 day moving average of $16.84 and a two-hundred day moving average of $18.35.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.28). The business had revenue of $90.51 million during the quarter, compared to analyst estimates of $90.72 million. CareDx had a net margin of 17.97% and a return on equity of 18.03%. CareDx's revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS. As a group, analysts forecast that CareDx will post -0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director William A. Hagstrom sold 19,391 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $19.90, for a total value of $385,880.90. Following the completion of the sale, the director directly owned 53,979 shares of the company's stock, valued at approximately $1,074,182.10. This represents a 26.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hannah Valantine sold 10,570 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $19.16, for a total value of $202,521.20. Following the completion of the sale, the director directly owned 38,994 shares of the company's stock, valued at $747,125.04. This represents a 21.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,961 shares of company stock valued at $1,490,102 over the last 90 days. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CareDx

Several hedge funds have recently modified their holdings of CDNA. JPMorgan Chase & Co. boosted its position in shares of CareDx by 720.0% in the fourth quarter. JPMorgan Chase & Co. now owns 197,912 shares of the company's stock valued at $4,237,000 after acquiring an additional 173,776 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of CareDx in the fourth quarter valued at approximately $731,000. Franklin Resources Inc. boosted its position in shares of CareDx by 91.4% in the fourth quarter. Franklin Resources Inc. now owns 113,859 shares of the company's stock valued at $2,438,000 after acquiring an additional 54,385 shares during the period. Geode Capital Management LLC boosted its position in shares of CareDx by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,234,263 shares of the company's stock valued at $26,432,000 after acquiring an additional 6,539 shares during the period. Finally, Wells Fargo & Company MN lifted its position in CareDx by 31.2% in the fourth quarter. Wells Fargo & Company MN now owns 29,760 shares of the company's stock worth $637,000 after purchasing an additional 7,085 shares during the period.

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.