CareDx Inc. (CDNA) Upgraded to Hold by Zacks Investment Research
CareDx Inc. (NASDAQ:CDNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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. “
CDNA has been the subject of several other reports. Leerink Swann reiterated a “buy” rating on shares of CareDx in a report on Tuesday, June 14th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $6.00 target price on shares of CareDx in a report on Wednesday, June 15th. Finally, Mizuho raised their target price 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 research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $9.25.
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CareDx (NASDAQ:CDNA) traded down 5.81% during midday trading on Tuesday, reaching $3.73. 20,193 shares of the company’s stock traded hands. CareDx has a 52 week low of $3.28 and a 52 week high of $6.87. The company’s 50-day moving average price is $4.23 and its 200 day moving average price is $4.59. The stock’s market capitalization is $70.78 million.
CareDx (NASDAQ:CDNA) last announced its earnings results on Wednesday, August 10th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by $0.01. CareDx had a negative return on equity of 59.77% and a negative net margin of 91.21%. The firm earned $10.70 million during the quarter, compared to analyst estimates of $10.42 million. During the same quarter in the previous year, the business earned ($0.27) earnings per share. The business’s quarterly revenue was up 50.7% compared to the same quarter last year. On average, equities research analysts expect that CareDx will post ($1.05) earnings per share for the current year.
In related news, major shareholder Neil Gagnon purchased 178,686 shares of CareDx stock in a transaction dated Thursday, September 22nd. The stock was acquired at an average cost of $4.00 per share, with a total value of $714,744.00. Following the completion of the transaction, the insider now directly owns 613,473 shares of the company’s stock, valued at $2,453,892. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.33% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of CDNA. Gagnon Securities LLC raised its stake in CareDx by 62.4% in the second quarter. Gagnon Securities LLC now owns 1,915,534 shares of the company’s stock worth $7,578,000 after buying an additional 736,020 shares during the period. Gagnon Advisors LLC raised its stake in CareDx by 40.7% in the second quarter. Gagnon Advisors LLC now owns 952,464 shares of the company’s stock worth $4,105,000 after buying an additional 275,496 shares during the period. Vanguard Group Inc. raised its stake in CareDx by 281.2% in the second quarter. Vanguard Group Inc. now owns 306,178 shares of the company’s stock worth $1,323,000 after buying an additional 225,863 shares during the period. Finally, Royce & Associates LP raised its stake in CareDx by 56.8% in the second quarter. Royce & Associates LP now owns 134,745 shares of the company’s stock worth $582,000 after buying an additional 48,828 shares during the period. 30.84% of the stock is owned by institutional investors and hedge funds.
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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