CareDx, Inc. (NASDAQ:CDNA) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Seven brokerages give CareDx an average “Moderate Buy” rating, with an average 12-month price target of $47.75. Recent targets range from $46 to $64.
• CareDx exceeded quarterly expectations: The company reported earnings of $0.37 per share versus the $0.23 consensus estimate, while revenue rose 52.2% year over year to $131.95 million.
• Insiders have been selling shares: Company insiders sold 114,936 shares worth approximately $3.77 million over the past 90 days, while institutional investors including BlackRock and State Street increased or initiated positions.

CareDx, Inc. (NASDAQ:CDNA - Get Free Report) has been given an average rating of "Moderate Buy" by the seven brokerages that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $47.75.

CDNA has been the topic of a number of research analyst reports. BTIG Research upped their target price on shares of CareDx from $45.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Craig Hallum upgraded CareDx from a "hold" rating to a "buy" rating and set a $64.00 price target for the company in a report on Monday, August 3rd. HC Wainwright reiterated a "neutral" rating and set a $46.00 price target on shares of CareDx in a report on Friday, July 31st. William Blair raised CareDx to a "hold" rating in a research report on Thursday, July 16th. Finally, Wall Street Zen upgraded CareDx from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 3rd.

Insiders Place Their Bets

In related news, Director Hannah Valantine sold 12,103 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the transaction, the director directly owned 36,686 shares of the company's stock, valued at approximately $847,813.46. The trade was a 24.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff sold 20,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the sale, the director directly owned 134,061 shares of the company's stock, valued at $6,204,343.08. This represents a 12.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 114,936 shares of company stock valued at $3,770,348 over the last 90 days. 2.40% of the stock is owned by insiders.

Institutional Trading of CareDx

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of CareDx during the 2nd quarter worth about $137,219,000. State Street Corp raised its holdings in CareDx by 6.7% in the 4th quarter. State Street Corp now owns 2,737,752 shares of the company's stock valued at $51,579,000 after acquiring an additional 171,303 shares during the period. Bamco Inc. NY raised its holdings in CareDx by 11.2% in the 2nd quarter. Bamco Inc. NY now owns 2,435,657 shares of the company's stock valued at $47,593,000 after acquiring an additional 245,651 shares during the period. Deerfield Management Company L.P. bought a new position in CareDx in the 3rd quarter valued at about $31,857,000. Finally, Gagnon Securities LLC lifted its position in CareDx by 2.6% during the fourth quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company's stock worth $33,439,000 after acquiring an additional 45,465 shares during the last quarter.

CareDx Trading Down 4.9%

Shares of CDNA opened at $49.79 on Friday. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 24.05 and a beta of 2.39. CareDx has a 1-year low of $12.37 and a 1-year high of $53.67. The company's fifty day simple moving average is $38.41 and its 200 day simple moving average is $26.44.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The firm had revenue of $131.95 million during the quarter, compared to analysts' expectations of $114.05 million. During the same quarter last year, the company posted ($0.16) earnings per share. The company's revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, research analysts forecast that CareDx will post 0.47 earnings per share for the current year.

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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