CareDx, Inc. (NASDAQ:CDNA) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• CareDx has a “Moderate Buy” consensus rating from eight analysts, with four holds, three buys and one strong buy. The average 12-month price target is $51.20, though recent targets range from $46 to $65.
• Shares opened at $56.49 after rising 4%, near the company’s 52-week high of $56.85. CareDx’s latest quarterly results exceeded expectations, with EPS of $0.37 versus $0.23 expected and revenue up 52.2% year over year to $131.95 million.
• Company insiders sold 76,000 shares worth approximately $2.85 million over the past 90 days, while several institutional investors—including Squarepoint Ops—expanded their positions during the second quarter.

CareDx, Inc. (NASDAQ:CDNA - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $51.20.

CDNA has been the topic of several research analyst reports. Canaccord Genuity Group began coverage on shares of CareDx in a research note on Wednesday, September 2nd. They set a "buy" rating and a $65.00 target price on the stock. Zacks Research raised shares of CareDx from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Craig Hallum upgraded CareDx from a "hold" rating to a "buy" rating and set a $64.00 target price for the company in a research note on Monday, August 3rd. BTIG Research boosted their target price on CareDx from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, HC Wainwright reaffirmed a "neutral" rating and set a $46.00 price target on shares of CareDx in a research note on Friday, July 31st.

CareDx Trading Up 4.0%

Shares of CareDx stock opened at $56.49 on Wednesday. The business has a 50-day moving average price of $46.39 and a two-hundred day moving average price of $30.36. CareDx has a 1-year low of $13.95 and a 1-year high of $56.85. The company has a market cap of $2.92 billion, a P/E ratio of 27.29 and a beta of 2.43.

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

Insider Transactions at CareDx

In other CareDx news, CEO John Walter Hanna, Jr. sold 39,900 shares of the company's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the transaction, the chief executive officer owned 661,959 shares in the company, valued at approximately $19,355,681.16. This represents a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III 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 transaction of $925,600.00. Following the completion of the transaction, the director directly owned 134,061 shares in the company, valued at $6,204,343.08. This trade represents a 12.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 76,000 shares of company stock valued at $2,846,216 over the last ninety days. 2.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On CareDx

A number of institutional investors and hedge funds have recently made changes to their positions in CDNA. Integrated Wealth Concepts LLC bought a new position in CareDx during the second quarter valued at about $29,000. Squarepoint Ops LLC grew its holdings in CareDx by 759.5% during the second quarter. Squarepoint Ops LLC now owns 141,623 shares of the company's stock valued at $4,036,000 after purchasing an additional 125,146 shares during the period. Nykredit A S bought a new position in shares of CareDx during the 2nd quarter worth $25,000. Corient Private Wealth LP bought a new stake in shares of CareDx in the second quarter valued at approximately $697,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in CareDx during the 2nd quarter valued at $668,000.

CareDx Company Profile

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.

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