CareDx (NASDAQ:CDNA) Sets New 1-Year High – Here’s Why

CareDx, Inc. (NASDAQ:CDNA)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.85 and last traded at $23.25, with a volume of 938029 shares. The stock had previously closed at $24.08.

Analysts Set New Price Targets

A number of brokerages have commented on CDNA. Wells Fargo & Company increased their target price on CareDx from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. BTIG Research boosted their price target on CareDx from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of CareDx in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.00.

CareDx Stock Performance

The firm has a market capitalization of $1.20 billion, a PE ratio of -145.31 and a beta of 2.49. The stock’s 50 day simple moving average is $21.03 and its two-hundred day simple moving average is $19.70.

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

Insider Activity

In related news, CEO John Walter Hanna, Jr. sold 21,998 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $24.02, for a total transaction of $528,391.96. Following the completion of the sale, the chief executive officer directly owned 649,642 shares in the company, valued at approximately $15,604,400.84. This trade represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $23.11, for a total transaction of $279,700.33. Following the completion of the transaction, the director owned 36,686 shares in the company, valued at $847,813.46. The trade was a 24.81% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 49,218 shares of company stock worth $1,141,288. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in CareDx by 18.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,110,014 shares of the company’s stock worth $19,703,000 after acquiring an additional 170,504 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in CareDx by 11.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 133,966 shares of the company’s stock valued at $2,378,000 after purchasing an additional 13,619 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of CareDx by 41.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 68,602 shares of the company’s stock valued at $1,340,000 after purchasing an additional 20,028 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of CareDx in the 2nd quarter valued at $1,822,000. Finally, Nebula Research & Development LLC purchased a new position in shares of CareDx during the 2nd quarter worth $281,000.

CareDx Company Profile

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.