CareDx (NASDAQ:CDNA) Shares Gap Up - Here's What Happened

CareDx, Inc. (NASDAQ:CDNA - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $11.81, but opened at $12.31. CareDx shares last traded at $12.11, with a volume of 1,062,812 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen cut CareDx from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Stephens restated an "overweight" rating and set a $40.00 price target on shares of CareDx in a report on Monday, May 5th. Craig Hallum reduced their target price on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Friday. HC Wainwright restated a "neutral" rating and set a $25.00 price target on shares of CareDx in a report on Monday, May 5th. Finally, The Goldman Sachs Group lowered their price target on shares of CareDx from $34.00 to $26.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, CareDx has a consensus rating of "Moderate Buy" and a consensus price target of $29.33.

CareDx Stock Performance

The firm's fifty day simple moving average is $18.23 and its 200-day simple moving average is $19.51. The stock has a market cap of $714.93 million, a P/E ratio of 11.16 and a beta of 2.19.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. The firm had revenue of $84.69 million for the quarter, compared to analysts' expectations of $84.56 million. CareDx had a return on equity of 21.16% and a net margin of 19.79%. The company's revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. Analysts predict that CareDx, Inc. will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CareDx news, Director William A. Hagstrom sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $17.45, for a total transaction of $523,500.00. Following the transaction, the director directly owned 53,979 shares in the company, valued at approximately $941,933.55. This represents a 35.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Maag sold 13,281 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $17.23, for a total value of $228,831.63. Following the transaction, the director owned 316,743 shares in the company, valued at $5,457,481.89. The trade was a 4.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 139,078 shares of company stock valued at $2,419,915 over the last 90 days. 4.40% of the stock is currently owned by corporate insiders.

Institutional Trading of CareDx

Several hedge funds have recently bought and sold shares of CDNA. Invesco Ltd. grew its position in CareDx by 76.1% in the 1st quarter. Invesco Ltd. now owns 2,667,861 shares of the company's stock valued at $47,355,000 after purchasing an additional 1,153,011 shares during the period. Divisadero Street Capital Management LP acquired a new stake in CareDx in the 4th quarter valued at $15,239,000. Chevy Chase Trust Holdings LLC acquired a new stake in CareDx in the 1st quarter valued at $9,502,000. Jacobs Levy Equity Management Inc. grew its position in CareDx by 52.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,243,580 shares of the company's stock valued at $26,625,000 after purchasing an additional 428,864 shares during the period. Finally, Bamco Inc. NY grew its position in CareDx by 17.6% in the 4th quarter. Bamco Inc. NY now owns 2,207,299 shares of the company's stock valued at $47,258,000 after purchasing an additional 330,627 shares during the period.

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.