CareDx (NASDAQ:CDNA) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of CareDx (NASDAQ:CDNA) from a hold rating to a strong-buy rating in a research report released on Thursday morning,Zacks.com reports.

A number of other research firms have also commented on CDNA. BTIG Research boosted their price objective on CareDx from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday. HC Wainwright reaffirmed a “neutral” rating and issued a $46.00 price target on shares of CareDx in a report on Friday, July 31st. Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, August 3rd. William Blair upgraded shares of CareDx to a “hold” rating in a research report on Thursday, July 16th. Finally, Wall Street Zen raised shares of CareDx from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, CareDx presently has a consensus rating of “Hold” and an average target price of $47.75.

CareDx Trading Up 4.2%

NASDAQ:CDNA opened at $46.69 on Thursday. CareDx has a 1 year low of $11.27 and a 1 year high of $49.76. The firm has a 50 day moving average of $31.01 and a 200-day moving average of $23.52. The stock has a market capitalization of $2.42 billion, a P/E ratio of 22.56 and a beta of 2.39.

CareDx (NASDAQ:CDNA) last announced its earnings results on Thursday, July 30th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The business had revenue of $131.95 million for the quarter, compared to the consensus estimate of $114.05 million. During the same period in the previous year, the business earned ($0.16) EPS. CareDx’s revenue was up 52.2% compared to the same quarter last year. As a group, analysts forecast that CareDx will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling

In other CareDx news, Director George Bickerstaff sold 20,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total value of $925,600.00. Following the transaction, the director owned 134,061 shares of the company’s stock, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 114,936 shares of company stock valued at $3,770,348 over the last 90 days. Company insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in shares of CareDx by 1.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 39,218 shares of the company’s stock worth $739,000 after purchasing an additional 711 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of CareDx by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,742 shares of the company’s stock valued at $542,000 after buying an additional 1,280 shares during the last quarter. Quarry LP acquired a new stake in shares of CareDx in the 4th quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC grew its stake in shares of CareDx by 9.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 19,091 shares of the company’s stock valued at $365,000 after buying an additional 1,675 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of CareDx by 8.3% in the first quarter. SG Americas Securities LLC now owns 29,949 shares of the company’s stock valued at $520,000 after buying an additional 2,292 shares in the last quarter.

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.