CareDx (NASDAQ:CDNA) Shares Gap Up - What's Next?

CareDx, Inc (NASDAQ:CDNA - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $17.44, but opened at $18.22. CareDx shares last traded at $19.00, with a volume of 221,802 shares.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CDNA. Stephens reaffirmed an "overweight" rating and set a $40.00 price target on shares of CareDx in a research note on Monday, May 5th. The Goldman Sachs Group dropped their price target on shares of CareDx from $34.00 to $26.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. HC Wainwright reaffirmed a "neutral" rating and set a $25.00 price target on shares of CareDx in a research note on Monday, May 5th. Finally, Wall Street Zen lowered shares of CareDx from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

CareDx Stock Performance

The company's fifty day moving average price is $17.28 and its 200 day moving average price is $20.43. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -6.95 and a beta of 2.27.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.06 by $0.03. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business had revenue of $84.69 million during the quarter, compared to analyst estimates of $84.56 million. During the same period in the previous year, the business posted ($0.03) EPS. The company's quarterly revenue was up 17.6% on a year-over-year basis. As a group, sell-side analysts expect that CareDx, Inc will post -0.9 earnings per share for the current year.

Insider Activity

In related news, Director Peter Maag sold 13,281 shares of CareDx stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $17.23, for a total value of $228,831.63. Following the sale, the director now directly owns 316,743 shares in the company, valued at $5,457,481.89. This trade represents a 4.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William A. Hagstrom sold 30,000 shares of CareDx stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $17.45, for a total transaction of $523,500.00. Following the completion of the sale, the director now owns 53,979 shares in the company, valued at approximately $941,933.55. This represents a 35.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 89,382 shares of company stock valued at $1,458,009. Company insiders own 4.90% of the company's stock.

Institutional Trading of CareDx

Several hedge funds have recently bought and sold shares of CDNA. Vanguard Group Inc. raised its position in shares of CareDx by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 4,859,732 shares of the company's stock worth $104,047,000 after buying an additional 323,554 shares in the last quarter. Invesco Ltd. raised its position in shares of CareDx by 76.1% during the 1st quarter. Invesco Ltd. now owns 2,667,861 shares of the company's stock worth $47,355,000 after buying an additional 1,153,011 shares in the last quarter. Bamco Inc. NY raised its position in shares of CareDx by 17.6% during the 4th quarter. Bamco Inc. NY now owns 2,207,299 shares of the company's stock worth $47,258,000 after buying an additional 330,627 shares in the last quarter. Fred Alger Management LLC raised its position in shares of CareDx by 7.3% during the 4th quarter. Fred Alger Management LLC now owns 1,613,992 shares of the company's stock worth $34,556,000 after buying an additional 110,471 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of CareDx by 15.9% during the 4th quarter. Renaissance Technologies LLC now owns 1,432,198 shares of the company's stock worth $30,663,000 after buying an additional 196,298 shares in the last quarter.

CareDx Company Profile

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.