CareDx (NASDAQ:CDNA) Given New $80.00 Price Target at Canaccord Genuity Group

CareDx (NASDAQ:CDNA) had its price target upped by stock analysts at Canaccord Genuity Group from $65.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 25.00% from the company’s previous close.

Several other analysts have also recently commented on CDNA. William Blair upgraded CareDx to a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings upgraded CareDx from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Craig Hallum upgraded CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Monday, August 3rd. HC Wainwright reissued a “neutral” rating and issued a $46.00 price target on shares of CareDx in a research note on Friday, July 31st. Finally, BTIG Research increased their price target on CareDx from $60.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 24th. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $57.00.

CareDx Price Performance

CareDx stock opened at $64.00 on Monday. The company has a market cap of $3.31 billion, a PE ratio of 30.92 and a beta of 2.38. The company has a fifty day moving average price of $55.03 and a two-hundred day moving average price of $36.27. CareDx has a 12 month low of $14.03 and a 12 month high of $72.51.

CareDx (NASDAQ:CDNA) last issued its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The company had revenue of $131.95 million for the quarter, compared to analysts’ expectations of $114.05 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The firm’s revenue was up 52.2% compared to the same quarter last year. Equities research analysts anticipate that CareDx will post 0.47 earnings per share for the current year.

Insider Activity

In other CareDx news, Director George Bickerstaff, III sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the sale, the director owned 134,061 shares in the company, valued at $6,204,343.08. This represents a 12.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christine Cournoyer sold 16,000 shares of CareDx stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the sale, the director directly owned 42,943 shares of the company’s stock, valued at approximately $2,015,744.42. The trade was a 27.14% 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. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in CareDx in the second quarter valued at about $137,219,000. Bamco Inc. NY bought a new position in CareDx during the second quarter worth about $55,214,000. Amova Asset Management Americas Inc. lifted its stake in CareDx by 2.0% during the first quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company’s stock worth $25,608,000 after purchasing an additional 28,510 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in CareDx by 2.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company’s stock valued at $25,608,000 after purchasing an additional 28,510 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in CareDx by 11.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,461,914 shares of the company’s stock valued at $25,375,000 after purchasing an additional 151,934 shares in the last quarter.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision-medicine company focused on improving the care of organ-transplant patients. The company develops diagnostic tests, digital tools and services designed to help clinicians monitor transplant recipients, assess the risk of rejection and support long-term graft management.

CareDx’s product portfolio includes AlloMap, a gene-expression blood test used in heart-transplant surveillance, and AlloSure, a donor-derived cell-free DNA test designed to help detect potential organ injury or rejection.