CareDx Inc. (CDNA) Upgraded by Zacks Investment Research to “Hold”
CareDx Inc. (NASDAQ:CDNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “
Several other analysts have also commented on CDNA. Piper Jaffray Cos. restated an “overweight” rating and issued a $6.00 price objective on shares of CareDx in a report on Wednesday, June 15th. Leerink Swann restated a “buy” rating on shares of CareDx in a report on Tuesday, June 14th. Finally, Mizuho raised their price objective on shares of CareDx from $8.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. CareDx presently has an average rating of “Buy” and an average price target of $9.25.
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CareDx (NASDAQ:CDNA) traded down 5.81% during trading on Tuesday, hitting $3.73. The stock had a trading volume of 20,193 shares. The stock’s 50-day moving average price is $4.23 and its 200-day moving average price is $4.59. CareDx has a 1-year low of $3.28 and a 1-year high of $6.87. The company’s market capitalization is $70.78 million.
CareDx (NASDAQ:CDNA) last posted its earnings results on Wednesday, August 10th. The company reported ($0.29) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.28) by $0.01. The firm had revenue of $10.70 million for the quarter, compared to analysts’ expectations of $10.42 million. CareDx had a negative return on equity of 59.77% and a negative net margin of 91.21%. The business’s revenue for the quarter was up 50.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.27) earnings per share. Analysts expect that CareDx will post ($1.05) earnings per share for the current year.
In other CareDx news, major shareholder Neil Gagnon bought 178,686 shares of the stock in a transaction dated Thursday, September 22nd. The stock was purchased at an average cost of $4.00 per share, for a total transaction of $714,744.00. Following the completion of the acquisition, the insider now owns 613,473 shares of the company’s stock, valued at $2,453,892. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 13.33% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Royce & Associates LP increased its stake in shares of CareDx by 15.5% in the first quarter. Royce & Associates LP now owns 85,917 shares of the company’s stock valued at $426,000 after buying an additional 11,503 shares during the period. Gagnon Securities LLC increased its stake in shares of CareDx by 62.4% in the second quarter. Gagnon Securities LLC now owns 1,915,534 shares of the company’s stock valued at $7,578,000 after buying an additional 736,020 shares during the period. Gagnon Advisors LLC increased its stake in shares of CareDx by 40.7% in the second quarter. Gagnon Advisors LLC now owns 952,464 shares of the company’s stock valued at $4,105,000 after buying an additional 275,496 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of CareDx by 281.2% in the second quarter. Vanguard Group Inc. now owns 306,178 shares of the company’s stock valued at $1,323,000 after buying an additional 225,863 shares during the period. 30.84% of the stock is owned by institutional investors.
CareDx Company Profile
CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.
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