BTIG Research Forecasts Strong Price Appreciation for CareDx (NASDAQ:CDNA) Stock

CareDx (NASDAQ:CDNA) had its price objective lifted by investment analysts at BTIG Research from $28.00 to $45.00 in a research note issued on Thursday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target indicates a potential upside of 13.26% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Craig Hallum reaffirmed a “hold” rating and set a $35.00 price objective on shares of CareDx in a research report on Thursday. Wall Street Zen raised shares of CareDx from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings upgraded shares of CareDx from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, CareDx presently has a consensus rating of “Hold” and an average target price of $33.67.

CareDx Price Performance

Shares of CDNA stock opened at $39.73 on Thursday. CareDx has a fifty-two week low of $11.26 and a fifty-two week high of $40.47. The stock’s 50-day moving average is $25.21 and its two-hundred day moving average is $21.27. The firm has a market cap of $2.05 billion, a P/E ratio of -248.31 and a beta of 2.43.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.23. The business had revenue of $117.70 million during the quarter, compared to analyst estimates of $102.03 million. CareDx had a negative return on equity of 2.65% and a negative net margin of 2.01%.The firm’s revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 EPS. As a group, research analysts expect that CareDx will post 0.22 EPS for the current year.

Insider Buying and Selling

In other CareDx news, Director Hannah Valantine sold 12,103 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the completion of the sale, the director owned 36,686 shares of the company’s stock, valued at $847,813.46. This represents a 24.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $29.24, for a total value of $1,166,676.00. Following the transaction, the chief executive officer owned 661,959 shares in the company, valued at approximately $19,355,681.16. This trade represents a 5.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 78,936 shares of company stock worth $2,093,708 over the last three months. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNA. Aberdeen Group plc bought a new stake in CareDx during the 4th quarter valued at approximately $6,506,000. Fidelis Capital Partners LLC acquired a new stake in CareDx in the 4th quarter valued at approximately $420,000. Zweig DiMenna Associates LLC increased its position in CareDx by 18.1% in the 4th quarter. Zweig DiMenna Associates LLC now owns 679,000 shares of the company’s stock worth $12,792,000 after buying an additional 104,000 shares during the period. First Eagle Investment Management LLC increased its position in CareDx by 15.1% in the 4th quarter. First Eagle Investment Management LLC now owns 546,722 shares of the company’s stock worth $10,300,000 after buying an additional 71,576 shares during the period. Finally, Jackson Creek Investment Advisors LLC acquired a new position in shares of CareDx during the fourth quarter worth approximately $508,000.

About CareDx

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.