CareDx, Inc. (NASDAQ:CDNA) Stock Now Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analyst sentiment is moderately positive: Nine firms rate CareDx a “Moderate Buy” overall—four buys, one strong buy and four holds—with an average 12-month price target of $70.33.
• Quarterly results beat estimates: CareDx reported EPS of $0.70 versus consensus of $0.25 and revenue of $139.36 million versus $121.96 million; revenue increased 39.3% year over year.
• The CFO sold shares: Keith Kennedy sold 61,961 shares for about $4.82 million under a pre-arranged Rule 10b5-1 plan, reducing his stake by 23.73%.

Shares of CareDx, Inc. (NASDAQ:CDNA - Get Free Report) have received an average recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $70.33.

CDNA has been the subject of several recent research reports. Canaccord Genuity Group set a $99.00 target price on CareDx in a report on Friday, October 30th. HC Wainwright reaffirmed a "neutral" rating and issued a $46.00 target price on shares of CareDx in a research report on Friday, July 31st. Craig Hallum raised CareDx from a "hold" rating to a "buy" rating and set a $64.00 target price on the stock in a research report on Monday, August 3rd. Weiss Ratings raised shares of CareDx from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Finally, Piper Sandler assumed coverage on CareDx in a research report on Wednesday. They issued an "overweight" rating and a $100.00 target price on the stock.

CareDx Stock Performance

NASDAQ CDNA opened at $81.17 on Thursday. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of 33.96 and a beta of 2.51. CareDx has a one year low of $15.15 and a one year high of $90.87. The company's 50 day moving average price is $65.18 and its 200 day moving average price is $36.12.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.25 by $0.45. CareDx had a return on equity of 9.74% and a net margin of 25.86%. The company had revenue of $139.36 million for the quarter, compared to analyst estimates of $121.96 million. During the same period last year, the company posted $0.03 earnings per share. The firm's revenue was up 39.3% compared to the same quarter last year. Sell-side analysts forecast that CareDx will post 0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other CareDx news, CFO Keith Kennedy sold 61,961 shares of CareDx stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $77.82, for a total transaction of $4,821,805.02. Following the transaction, the chief financial officer directly owned 199,147 shares in the company, valued at approximately $15,497,619.54. The trade was a 23.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is owned by corporate insiders.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNA. BlackRock Inc. acquired a new position in shares of CareDx during the second quarter worth approximately $137,219,000. Bamco Inc. NY bought a new stake in CareDx in the 2nd quarter valued at $55,214,000. Bank of America Corp DE acquired a new position in shares of CareDx during the 2nd quarter worth approximately $16,297,000. Palo Alto Investors LP bought a new position in CareDx during the 2nd quarter worth $15,158,295. Finally, Jupiter Topco LLC acquired a new stake in shares of CareDx during the 2nd quarter worth $9,673,000.

About CareDx

CareDx, Inc. is a precision medicine company focused on organ transplantation. It develops and provides diagnostic tests and related services to help clinicians assess transplant recipients and monitor their health over time. Its offerings include AlloSure, a donor-derived cell-free DNA test used to help monitor for organ rejection, and AlloMap, a gene-expression test used in heart transplant care. CareDx also provides histocompatibility testing, clinical tools, and services designed to support patients and transplant care teams.

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