CareDx (NASDAQ:CDNA) Reaches New 52-Week High - Still a Buy?

Key Points

• CareDx shares reached a new 52-week high of $55.21, with the stock’s market capitalization reaching approximately $2.82 billion.
• Analyst sentiment is broadly positive, with an average rating of “Moderate Buy” and a $51.20 price target; several firms recently upgraded the stock or raised targets as high as $64.
• The company exceeded quarterly expectations, reporting $0.37 in adjusted earnings per share and $131.95 million in revenue, up 52.2% year over year. However, insiders sold 76,000 shares worth approximately $2.85 million over the past three months.

CareDx, Inc. (NASDAQ:CDNA - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The company traded as high as $55.21 and last traded at $53.7380, with a volume of 1203 shares changing hands. The stock had previously closed at $53.83.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. BTIG Research lifted their price target on CareDx from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. 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 shares of CareDx from a "hold" rating to a "buy" rating and set a $64.00 price target on the stock in a research note on Monday, August 3rd. William Blair raised shares of CareDx to a "hold" rating in a research note on Thursday, July 16th. Finally, Zacks Research upgraded shares of CareDx from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $51.20.

CareDx Stock Up 1.2%

The company's 50-day moving average is $45.32 and its 200-day moving average is $29.85. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 26.20 and a beta of 2.43.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share 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 company had revenue of $131.95 million for the quarter, compared to analyst estimates of $114.05 million. During the same period in the previous year, the business posted ($0.16) EPS. CareDx's revenue was up 52.2% on a year-over-year basis. Sell-side analysts anticipate that CareDx, Inc. will post 0.47 EPS for the current year.

Insider Buying and Selling

In other CareDx news, CEO Walter Jr sold 39,900 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the completion of the sale, the chief executive officer owned 661,959 shares of the company's stock, valued at $19,355,681.16. This trade represents a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of CareDx 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 completion of the sale, 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. Over the last three months, insiders sold 76,000 shares of company stock worth $2,846,216. Company insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On CareDx

A number of institutional investors have recently made changes to their positions in the stock. Nykredit A S purchased a new position in CareDx during the 2nd quarter valued at about $25,000. Integrated Wealth Concepts LLC acquired a new stake in shares of CareDx during the second quarter worth about $29,000. Allspring Global Investments Holdings LLC boosted its stake in shares of CareDx by 11.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 21,242 shares of the company's stock valued at $380,000 after purchasing an additional 2,151 shares during the period. SG Americas Securities LLC grew its holdings in shares of CareDx by 8.3% in the first quarter. SG Americas Securities LLC now owns 29,949 shares of the company's stock valued at $520,000 after purchasing an additional 2,292 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in CareDx during the 2nd quarter worth approximately $72,000.

About CareDx

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.