CareDx (NASDAQ:CDNA) Reaches New 52-Week High - Should You Buy?

Key Points

• CareDx shares reached a new 52-week high of $65.50, with the stock last trading near $64.62 and up from its prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $54.00; BTIG Research raised its target to $74.00.
• The company reported quarterly EPS of $0.37 versus expectations of $0.23 and revenue of $131.95 million, up 52.2% year over year. Two directors also sold shares under pre-arranged trading plans.

CareDx, Inc. (NASDAQ:CDNA - Get Free Report) shares hit a new 52-week high during trading on Monday. The company traded as high as $65.50 and last traded at $64.6210, with a volume of 421605 shares traded. The stock had previously closed at $63.68.

Analysts Set New Price Targets

Several research analysts recently weighed in on CDNA shares. Weiss Ratings raised shares of CareDx from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, August 13th. 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 note on Monday, August 3rd. BTIG Research increased their price objective on shares of CareDx from $60.00 to $74.00 and gave the company a "buy" rating in a report on Thursday. HC Wainwright reissued a "neutral" rating and issued a $46.00 target price on shares of CareDx in a report on Friday, July 31st. Finally, William Blair upgraded shares of CareDx to a "hold" rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $54.00.

CareDx Trading Up 0.3%

The firm has a market cap of $3.31 billion, a P/E ratio of 30.87 and a beta of 2.43. The business has a 50-day moving average price of $47.78 and a 200-day moving average price of $31.24.

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

Insiders Place Their Bets

In other CareDx news, Director Christine Cournoyer sold 16,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the transaction, the director owned 42,943 shares in the company, valued at approximately $2,015,744.42. This represents a 27.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total value of $925,600.00. Following the transaction, the director owned 134,061 shares in the company, valued at $6,204,343.08. This represents a 12.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CareDx

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.