CareDx (NASDAQ:CDNA) Upgraded by Wall Street Zen to Hold Rating

Key Points

• CareDx has been upgraded by Wall Street Zen from a "sell" rating to a "hold" rating, reflecting a shift in analysts' sentiment towards the company's stock.
• Despite various ratings, the consensus among analysts is a "Hold" with an average price target of $25.50 per share.
• The company's recent quarterly performance showed a revenue of $90.51 million, down 6.1% year-over-year, leading to an earnings per share (EPS) miss against the consensus estimate.

CareDx (NASDAQ:CDNA - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Other analysts have also issued research reports about the company. William Blair began coverage on CareDx in a report on Tuesday, August 26th. They issued a "market perform" rating for the company. BTIG Research reissued a "buy" rating and set a $22.00 price target on shares of CareDx in a report on Tuesday, September 23rd. Wells Fargo & Company cut their price target on CareDx from $19.00 to $14.00 and set an "equal weight" rating for the company in a report on Friday, August 8th. Weiss Ratings reissued a "sell (d+)" rating on shares of CareDx in a report on Saturday, September 27th. Finally, Craig Hallum cut their price target on CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a report on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $25.50.

CareDx Price Performance

Shares of CDNA opened at $15.19 on Friday. CareDx has a one year low of $10.96 and a one year high of $32.76. The firm has a market capitalization of $808.52 million, a P/E ratio of 14.89 and a beta of 2.37. The business has a fifty day moving average of $13.36 and a 200 day moving average of $16.21.

CareDx (NASDAQ:CDNA - Get Free Report) last issued 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 return on equity of 18.03% and a net margin of 17.97%.The firm had revenue of $90.51 million during the quarter, compared to the consensus estimate of $90.72 million. During the same period in the previous year, the firm earned $0.25 EPS. The business's revenue was down 6.1% on a year-over-year basis. Analysts expect that CareDx will post -0.9 EPS for the current fiscal year.

Insider Activity at CareDx

In other news, Director Peter Maag sold 10,000 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $18.58, for a total value of $185,800.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On CareDx

Several institutional investors have recently added to or reduced their stakes in CDNA. MCF Advisors LLC increased its stake in CareDx by 292.9% in the 2nd quarter. MCF Advisors LLC now owns 1,336 shares of the company's stock worth $26,000 after acquiring an additional 996 shares during the last quarter. Allworth Financial LP purchased a new position in shares of CareDx in the second quarter valued at $40,000. PNC Financial Services Group Inc. increased its position in CareDx by 20,200.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,466 shares of the company's stock worth $79,000 after purchasing an additional 4,444 shares during the last quarter. Morse Asset Management Inc bought a new stake in CareDx in the first quarter worth $103,000. Finally, Tower Research Capital LLC TRC increased its position in CareDx by 120.6% in the second quarter. Tower Research Capital LLC TRC now owns 7,608 shares of the company's stock worth $149,000 after purchasing an additional 4,160 shares during 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.

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