Wells Fargo & Company Has Lowered Expectations for CareDx (NASDAQ:CDNA) Stock Price

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 target price decreased by Wells Fargo & Company from $19.00 to $14.00 in a report released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

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

CareDx Stock Up 5.9%

Shares of NASDAQ CDNA traded up $0.69 during midday trading on Friday, hitting $12.46. The company had a trading volume of 1,586,990 shares, compared to its average volume of 1,164,779. CareDx has a twelve month low of $10.96 and a twelve month high of $34.84. The business has a 50-day simple moving average of $16.84 and a two-hundred day simple moving average of $18.35. The firm has a market capitalization of $663.25 million, a price-to-earnings ratio of 12.22 and a beta of 2.22.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) 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 analyst estimates of $90.72 million. During the same quarter last year, the business earned $0.25 EPS. The firm's revenue for the quarter was down 6.1% on a year-over-year basis. On average, equities analysts forecast that CareDx will post -0.9 EPS for the current year.

Insider Transactions at CareDx

In other news, Director Peter Maag sold 10,000 shares of CareDx stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $18.58, for a total transaction of $185,800.00. Following the completion of the sale, the director directly owned 308,846 shares in the company, valued at $5,738,358.68. The trade was a 3.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Hannah Valantine sold 10,570 shares of CareDx stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $19.16, for a total transaction of $202,521.20. Following the sale, the director owned 38,994 shares of the company's stock, valued at approximately $747,125.04. This trade represents a 21.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,961 shares of company stock worth $1,490,102 over the last ninety days. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CareDx

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers grew its holdings in CareDx by 6.7% in the second quarter. Rhumbline Advisers now owns 84,687 shares of the company's stock valued at $1,655,000 after purchasing an additional 5,303 shares during the period. Legal & General Group Plc grew its holdings in CareDx by 20.9% in the second quarter. Legal & General Group Plc now owns 117,526 shares of the company's stock valued at $2,296,000 after purchasing an additional 20,317 shares during the period. JPMorgan Chase & Co. grew its holdings in CareDx by 41.2% in the second quarter. JPMorgan Chase & Co. now owns 68,602 shares of the company's stock valued at $1,340,000 after purchasing an additional 20,028 shares during the period. Swiss National Bank grew its holdings in CareDx by 2.0% in the second quarter. Swiss National Bank now owns 100,600 shares of the company's stock valued at $1,966,000 after purchasing an additional 2,000 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in CareDx by 5.9% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 22,509 shares of the company's stock valued at $440,000 after purchasing an additional 1,264 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.