CareDx (NASDAQ:CDNA) Price Target Raised to $28.00 at BTIG Research

Key Points

• BTIG raised its price target on CareDx from $26.00 to $28.00 and kept a "buy" rating, implying roughly a 27.8% upside from the prior close.
• Quarterly beat: CareDx reported EPS of $0.34 vs. $0.13 expected and revenue of $117.7M (up 39.3% YoY), but the company remains unprofitable with negative net margin and ROE; the market consensus rating is "Hold" with a consensus price target of $28.00.
• Insider and institutional moves: CEO John W. Hanna Jr. sold 10,282 shares under a Rule 10b5‑1 plan (insiders own 4.4%), while institutions including Goldman Sachs increased their stakes in the company.

CareDx (NASDAQ:CDNA - Get Free Report) had its price objective boosted by equities research analysts at BTIG Research from $26.00 to $28.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's price target indicates a potential upside of 27.80% from the company's previous close.

A number of other equities research analysts have also recently commented on CDNA. Weiss Ratings cut CareDx from a "hold (c-)" rating to a "sell (d)" rating in a report on Friday, February 27th. Craig Hallum cut CareDx from a "buy" rating to a "hold" rating and set a $26.00 price target on the stock. in a report on Tuesday, January 6th. Wall Street Zen raised CareDx from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Wells Fargo & Company raised their price target on CareDx from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, CareDx currently has a consensus rating of "Hold" and a consensus price target of $28.00.

CareDx Stock Performance

Shares of CareDx stock opened at $21.91 on Wednesday. CareDx has a one year low of $10.96 and a one year high of $23.24. The stock's fifty day moving average is $18.48 and its 200 day moving average is $18.23. The stock has a market cap of $1.12 billion, a P/E ratio of -54.78 and a beta of 2.54.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.21. The company had revenue of $117.70 million for the quarter, compared to analysts' expectations of $102.29 million. CareDx had a negative return on equity of 6.50% and a negative net margin of 5.65%.CareDx's revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. Analysts predict that CareDx will post -0.14 EPS for the current year.

Insider Buying and Selling at CareDx

In other news, CEO John Walter Hanna, Jr. sold 10,282 shares of the firm's stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $21.12, for a total transaction of $217,155.84. Following the completion of the transaction, the chief executive officer owned 676,475 shares in the company, valued at $14,287,152. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CDNA. Goldman Sachs Group Inc. grew its position in shares of CareDx by 18.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,110,014 shares of the company's stock valued at $19,703,000 after purchasing an additional 170,504 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of CareDx by 11.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 133,966 shares of the company's stock valued at $2,378,000 after purchasing an additional 13,619 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of CareDx by 41.2% during 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 in the last quarter. First Trust Advisors LP purchased a new position in shares of CareDx during the second quarter valued at about $1,822,000. Finally, Nebula Research & Development LLC purchased a new position in shares of CareDx during the second quarter valued at about $281,000.

CareDx Company Profile

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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