CareDx (NASDAQ:CDNA) Reaches New 12-Month High - Time to Buy?

Key Points

• CareDx shares hit a new 52-week high, trading as high as $35.50 before last changing hands at $36.5450, far above the prior close of $29.75.
• Recent earnings topped expectations, with quarterly EPS of $0.34 versus the $0.11 consensus and revenue of $117.7 million, up 39.3% year over year.
• Analyst sentiment remains mixed, with a consensus rating of Hold and a consensus price target of $25.00, even as BTIG raised its target to $28 and some firms upgraded the stock.

CareDx, Inc. (NASDAQ:CDNA - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $35.50 and last traded at $36.5450, with a volume of 137228 shares traded. The stock had previously closed at $29.75.

Analyst Ratings Changes

Several brokerages have recently issued reports on CDNA. Wall Street Zen upgraded CareDx from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 3rd. Weiss Ratings upgraded CareDx from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, June 26th. Finally, BTIG Research increased their price target on CareDx from $26.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $25.00.

CareDx Stock Performance

The stock's 50-day moving average is $24.47 and its 200 day moving average is $20.99. The stock has a market capitalization of $1.87 billion, a PE ratio of -226.63 and a beta of 2.43.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.23. CareDx had a negative net margin of 2.01% and a negative return on equity of 2.65%. The firm had revenue of $117.70 million during the quarter, compared to analysts' expectations of $102.03 million. During the same period in the previous year, the company earned $0.09 earnings per share. CareDx's quarterly revenue was up 39.3% compared to the same quarter last year. Analysts expect that CareDx, Inc. will post 0.22 earnings per share for the current year.

Insider Buying and Selling at CareDx

In related news, Director Hannah Valantine sold 12,103 shares of CareDx stock in a transaction on Monday, June 15th. The shares were sold at an average price of $23.11, for a total value of $279,700.33. Following the transaction, the director directly owned 36,686 shares in the company, valued at $847,813.46. This trade represents a 24.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the completion of the sale, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 78,936 shares of company stock valued at $2,093,708. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On CareDx

Institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of CareDx by 1.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 39,218 shares of the company's stock worth $739,000 after acquiring an additional 711 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in CareDx by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,742 shares of the company's stock valued at $542,000 after purchasing an additional 1,280 shares during the last quarter. Quarry LP acquired a new position in CareDx in the 4th quarter valued at about $25,000. Allspring Global Investments Holdings LLC lifted its holdings in CareDx by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 19,091 shares of the company's stock valued at $365,000 after purchasing an additional 1,675 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in CareDx in the 3rd quarter valued at about $31,000.

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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