CareDx, Inc. (CDNA) Short Interest Update
CareDx, Inc. (NASDAQ:CDNA) saw a significant growth in short interest in the month of October. As of October 13th, there was short interest totalling 2,877,936 shares, a growth of 27.9% from the September 29th total of 2,249,655 shares. Currently, 24.1% of the company’s shares are short sold. Based on an average daily volume of 1,777,036 shares, the short-interest ratio is presently 1.6 days.
CDNA has been the topic of several recent analyst reports. Craig Hallum reissued a “buy” rating and set a $10.00 price target (up from $4.00) on shares of CareDx in a research report on Monday, October 9th. Raymond James Financial, Inc. raised CareDx from a “market perform” rating to a “buy” rating and set a $6.50 price target on the stock in a research report on Wednesday, September 27th. Zacks Investment Research raised CareDx from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a research report on Tuesday, September 12th. Piper Jaffray Companies reissued an “overweight” rating and set a $7.00 price target (up from $3.00) on shares of CareDx in a research report on Tuesday, September 26th. Finally, ValuEngine raised CareDx from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $6.69.
In other CareDx news, major shareholder Neil Gagnon purchased 35,119 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were purchased at an average cost of $2.92 per share, with a total value of $102,547.48. Following the completion of the transaction, the insider now owns 890,473 shares of the company’s stock, valued at $2,600,181.16. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought 75,030 shares of company stock worth $226,758 over the last ninety days. 5.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Trellus Management Company LLC acquired a new stake in shares of CareDx in the 3rd quarter valued at about $100,000. Stonepine Capital Management LLC acquired a new stake in shares of CareDx in the 2nd quarter valued at about $212,000. Royce & Associates LP raised its stake in shares of CareDx by 39.3% in the 2nd quarter. Royce & Associates LP now owns 733,287 shares of the company’s stock valued at $814,000 after purchasing an additional 206,815 shares during the period. Finally, Gagnon Securities LLC raised its stake in shares of CareDx by 2.9% in the 2nd quarter. Gagnon Securities LLC now owns 2,084,292 shares of the company’s stock valued at $2,314,000 after purchasing an additional 57,954 shares during the period. 25.51% of the stock is currently owned by hedge funds and other institutional investors.
CareDx (CDNA) opened at 5.90 on Friday. The firm’s market capitalization is $132.99 million. The company’s 50-day moving average price is $4.31 and its 200 day moving average price is $2.10. CareDx has a 52-week low of $0.76 and a 52-week high of $6.69.
CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Thursday, August 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.19). CareDx had a negative return on equity of 85.68% and a negative net margin of 61.27%. The firm had revenue of $12.05 million for the quarter, compared to the consensus estimate of $11.87 million. Equities analysts predict that CareDx will post ($0.82) earnings per share for the current fiscal year.
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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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