Zacks Investment Research Downgrades CareDx (CDNA) to Hold

CareDx (NASDAQ:CDNA) was downgraded by Zacks Investment Research from a “buy” 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. “

Other equities analysts have also recently issued reports about the company. HC Wainwright initiated coverage on CareDx in a report on Monday, November 27th. They issued a “buy” rating and a $12.00 target price for the company. Craig Hallum reissued a “buy” rating and issued a $10.00 target price (up from $4.00) on shares of CareDx in a report on Monday, October 9th. Raymond James Financial raised CareDx from a “market perform” rating to a “buy” rating and set a $6.50 target price for the company in a report on Wednesday, September 27th. Piper Jaffray Companies reissued an “overweight” rating and issued a $7.00 target price (up from $3.00) on shares of CareDx in a report on Tuesday, September 26th. Finally, ValuEngine raised CareDx from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $7.75.

Shares of CareDx (CDNA) traded down $0.29 on Tuesday, hitting $7.05. The stock had a trading volume of 233,377 shares, compared to its average volume of 234,800. CareDx has a fifty-two week low of $0.76 and a fifty-two week high of $7.98. The company has a debt-to-equity ratio of -124.53, a quick ratio of 0.35 and a current ratio of 0.55. The firm has a market cap of $201.66, a PE ratio of -3.90 and a beta of 1.05.

CareDx (NASDAQ:CDNA) last issued its earnings results on Thursday, November 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.02. CareDx had a negative return on equity of 157.00% and a negative net margin of 84.14%. The business had revenue of $12.19 million during the quarter, compared to analysts’ expectations of $12.05 million. The firm’s revenue was down 2.3% on a year-over-year basis. analysts anticipate that CareDx will post -0.83 earnings per share for the current fiscal year.

In related news, insider James P. Yee sold 29,197 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $7.00, for a total transaction of $204,379.00. Following the completion of the sale, the insider now directly owns 74,795 shares of the company’s stock, valued at approximately $523,565. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Neil Gagnon purchased 10,642 shares of the company’s stock in a transaction that occurred on Thursday, October 5th. The shares were acquired at an average cost of $4.00 per share, with a total value of $42,568.00. The disclosure for this purchase can be found here. Company insiders own 5.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Trellus Management Company LLC acquired a new stake in CareDx during the 3rd quarter valued at $100,000. Cambridge Investment Research Advisors Inc. acquired a new stake in CareDx during the 3rd quarter valued at $106,000. Perkins Capital Management Inc. acquired a new stake in CareDx during the 3rd quarter valued at $513,000. Stonepine Capital Management LLC bought a new position in CareDx in the 2nd quarter valued at $212,000. Finally, Thompson Davis & CO. Inc. boosted its position in CareDx by 3,294.9% in the 3rd quarter. Thompson Davis & CO. Inc. now owns 203,692 shares of the company’s stock valued at $754,000 after buying an additional 197,692 shares during the last quarter. 23.14% of the stock is owned by hedge funds and other institutional investors.

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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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