CareDx (NASDAQ:CDNA) Stock Price Down 8.7% – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA)’s share price traded down 8.7% during trading on Wednesday . The stock traded as low as $20.29 and last traded at $20.0140. 198,080 shares changed hands during trading, a decline of 72% from the average session volume of 700,583 shares. The stock had previously closed at $21.91.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. BTIG Research upped their price target on CareDx from $26.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday. Wall Street Zen upgraded CareDx from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Weiss Ratings cut CareDx from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, February 27th. Wells Fargo & Company increased their price objective on CareDx from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 25th. Finally, Craig Hallum cut CareDx from a “buy” rating to a “hold” rating and set a $26.00 price objective for the company. in a research report on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $28.00.

CareDx Price Performance

The company has a 50-day simple moving average of $18.52 and a 200-day simple moving average of $18.26. The stock has a market cap of $1.08 billion, a PE ratio of -130.06 and a beta of 2.54.

CareDx (NASDAQ:CDNA) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping 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%.CareDx’s revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 earnings per share. On average, equities analysts expect that CareDx, Inc. will post -0.14 EPS for the current fiscal year.

Insider Transactions at CareDx

In other CareDx news, CEO John Walter Hanna, Jr. sold 10,282 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $21.12, for a total value of $217,155.84. Following the completion of the transaction, the chief executive officer owned 676,475 shares in the company, valued at approximately $14,287,152. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Bamco Inc. NY increased its position in shares of CareDx by 29.5% in the third quarter. Bamco Inc. NY now owns 3,155,180 shares of the company’s stock valued at $45,876,000 after buying an additional 719,523 shares in the last quarter. State Street Corp increased its position in shares of CareDx by 6.7% in the fourth quarter. State Street Corp now owns 2,737,752 shares of the company’s stock valued at $51,579,000 after buying an additional 171,303 shares in the last quarter. Deerfield Management Company L.P. purchased a new position in shares of CareDx in the third quarter valued at $31,857,000. Braidwell LP purchased a new position in shares of CareDx in the third quarter valued at $31,738,000. Finally, ARK Investment Management LLC increased its position in shares of CareDx by 3.4% in the third quarter. ARK Investment Management LLC now owns 2,170,625 shares of the company’s stock valued at $31,561,000 after buying an additional 70,468 shares in the last quarter.

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.