CareDx (NASDAQ:CDNA) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded CareDx from a "hold" rating to a "sell" rating, indicating a negative outlook for the stock.
• The current consensus rating for CareDx is "Hold", with a consensus price target of $29.33, despite a recent drop in stock price.
• Insider activity shows significant share sales, with Director William A. Hagstrom selling 30,000 shares for $523,500, indicating a 35.72% decrease in his ownership.

Wall Street Zen lowered shares of CareDx (NASDAQ:CDNA - Free Report) from a hold rating to a sell rating in a report released on Saturday.

A number of other research firms have also weighed in on CDNA. The Goldman Sachs Group reduced their price objective on shares of CareDx from $34.00 to $26.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Craig Hallum reduced their price objective on shares of CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a research note on Friday, July 18th. HC Wainwright reiterated a "neutral" rating and issued a $25.00 price target on shares of CareDx in a research note on Monday, May 5th. Finally, Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of CareDx in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $29.33.

CareDx Stock Up 1.4%

Shares of CareDx stock traded up $0.18 during trading on Friday, reaching $13.03. The company's stock had a trading volume of 906,233 shares, compared to its average volume of 1,141,695. CareDx has a 52-week low of $10.96 and a 52-week high of $34.84. The company has a market cap of $725.29 million, a price-to-earnings ratio of 11.33 and a beta of 2.22. The firm's 50-day moving average is $17.22 and its two-hundred day moving average is $18.67.

Insider Buying and Selling

In related news, Director Christine Cournoyer sold 29,136 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $15.96, for a total value of $465,010.56. Following the completion of the transaction, the director owned 37,045 shares of the company's stock, valued at $591,238.20. This represents a 44.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Hannah Valantine sold 10,570 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $19.16, for a total transaction of $202,521.20. Following the transaction, the director owned 38,994 shares in the company, valued at approximately $747,125.04. The trade was a 21.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,097 shares of company stock valued at $1,955,113. Corporate insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On CareDx

A number of large investors have recently modified their holdings of CDNA. Cetera Trust Company N.A increased its position in CareDx by 11.2% in the 2nd quarter. Cetera Trust Company N.A now owns 12,195 shares of the company's stock valued at $238,000 after buying an additional 1,225 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of CareDx in the second quarter worth about $4,428,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of CareDx by 66.2% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 32,382 shares of the company's stock valued at $633,000 after purchasing an additional 12,900 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of CareDx during the second quarter valued at approximately $381,000. Finally, Envestnet Asset Management Inc. grew its position in CareDx by 17.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 22,489 shares of the company's stock worth $439,000 after purchasing an additional 3,389 shares during the period.

About CareDx

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.